New York State Common Retirement Fund lessened its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 10.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,010,361 shares of the semiconductor company’s stock after selling 116,214 shares during the period. New York State Common Retirement Fund owned 0.20% of Marvell Technology Group worth $18,085,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of MRVL. Meeder Asset Management Inc. bought a new stake in shares of Marvell Technology Group during the 3rd quarter valued at $106,000. D.A. Davidson & CO. raised its position in shares of Marvell Technology Group by 10.2% during the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 600 shares during the last quarter. First Quadrant L P CA bought a new stake in shares of Marvell Technology Group during the 3rd quarter valued at $211,000. Achmea Investment Management B.V. bought a new stake in shares of Marvell Technology Group during the 2nd quarter valued at $214,000. Finally, Krilogy Financial LLC raised its position in shares of Marvell Technology Group by 1.6% during the 2nd quarter. Krilogy Financial LLC now owns 15,600 shares of the semiconductor company’s stock valued at $258,000 after acquiring an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.
MRVL has been the subject of several recent research reports. Cowen reiterated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a research report on Monday, August 21st. B. Riley reiterated a “buy” rating and set a $23.00 target price on shares of Marvell Technology Group in a research report on Monday, August 21st. Credit Suisse Group reiterated a “buy” rating on shares of Marvell Technology Group in a research report on Wednesday, August 23rd. Jefferies Group reiterated a “hold” rating and set a $18.50 target price (down previously from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a research report on Thursday, August 24th. Eight equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and a consensus target price of $23.87.
Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at $21.65 on Friday. Marvell Technology Group Ltd. has a fifty-two week low of $13.83 and a fifty-two week high of $24.22. The stock has a market cap of $10,722.90, a price-to-earnings ratio of 23.47, a PEG ratio of 1.32 and a beta of 1.13.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $616.00 million during the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 EPS. equities research analysts anticipate that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Tuesday, December 26th. Marvell Technology Group’s payout ratio is presently 31.17%.
In related news, major shareholder Sehat Sutardja sold 93,895 shares of the company’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $18.02, for a total value of $1,691,987.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,700,504 shares of company stock valued at $235,075,751. Company insiders own 6.80% of the company’s stock.
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Marvell Technology Group Profile
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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