Marvell Technology Group Ltd. (NASDAQ:MRVL) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 6,942,454 shares, a decrease of 17.0% from the October 31st total of 8,363,315 shares. Approximately 1.6% of the company’s stock are sold short. Based on an average daily trading volume, of 4,585,785 shares, the short-interest ratio is currently 1.5 days.
Several research analysts have recently issued reports on MRVL shares. Vetr downgraded shares of Marvell Technology Group from a “hold” rating to a “sell” rating and set a $12.78 target price on the stock. in a research note on Thursday, October 6th. Susquehanna started coverage on shares of Marvell Technology Group in a research note on Tuesday, September 20th. They issued a “neutral” rating and a $13.00 target price on the stock. Bank of America Corp. restated a “sell” rating and set a $11.75 price objective on shares of Marvell Technology Group in a research report on Friday, November 18th. Morgan Stanley restated an “equal weight” rating and set a $14.00 price objective (up previously from $13.00) on shares of Marvell Technology Group in a research report on Thursday, September 8th. Finally, Cowen and Company increased their price objective on shares of Marvell Technology Group from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, November 18th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group presently has an average rating of “Hold” and an average price target of $14.00.
Large investors have recently modified their holdings of the company. Daiwa Securities Group Inc. raised its stake in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock valued at $105,000 after buying an additional 2,100 shares during the last quarter. Hartford Investment Management Co. bought a new stake in shares of Marvell Technology Group during the second quarter valued at approximately $110,000. CIBC World Markets Inc. acquired a new stake in Marvell Technology Group during the second quarter worth about $139,000. LS Investment Advisors LLC raised its stake in Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock worth $158,000 after buying an additional 1,794 shares during the last quarter. Finally, Ardsley Advisory Partners acquired a new stake in Marvell Technology Group during the third quarter worth about $159,000. 68.13% of the stock is owned by institutional investors.
Marvell Technology Group (NASDAQ:MRVL) opened at 14.66 on Monday. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $14.99. The company has a 50-day moving average of $13.24 and a 200 day moving average of $11.67. The stock has a market cap of $7.49 billion, a P/E ratio of 71.17 and a beta of 1.12.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, November 17th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. The company earned $654 million during the quarter, compared to analyst estimates of $615.66 million. Marvell Technology Group had a net margin of 4.33% and a return on equity of 3.28%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. Analysts predict that Marvell Technology Group will post $0.45 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 28th. Investors of record on Tuesday, December 6th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.64%. The ex-dividend date is Friday, December 2nd. Marvell Technology Group’s payout ratio is presently 114.29%.
About Marvell Technology Group