Wall Street brokerages forecast that Marvell Technology Group (NASDAQ:MRVL) will report earnings of $0.31 per share for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Marvell Technology Group’s earnings, with the lowest EPS estimate coming in at $0.31 and the highest estimate coming in at $0.32. Marvell Technology Group reported earnings per share of $0.24 during the same quarter last year, which would suggest a positive year-over-year growth rate of 29.2%. The company is expected to issue its next quarterly earnings report on Thursday, May 24th.
On average, analysts expect that Marvell Technology Group will report full-year earnings of $1.35 per share for the current fiscal year, with EPS estimates ranging from $1.31 to $1.38. For the next year, analysts anticipate that the firm will report earnings of $1.45 per share, with EPS estimates ranging from $1.35 to $1.52. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $615.40 million during the quarter, compared to analysts’ expectations of $610.99 million. Marvell Technology Group had a return on equity of 13.13% and a net margin of 21.56%. Marvell Technology Group’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 EPS.
A number of equities analysts recently weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $23.00 price target (up previously from $22.00) on shares of Marvell Technology Group in a report on Friday, March 9th. ValuEngine raised Marvell Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Piper Jaffray assumed coverage on Marvell Technology Group in a report on Monday, December 18th. They issued an “overweight” rating and a $25.00 price target for the company. Zacks Investment Research cut Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Wednesday, March 7th. Finally, TheStreet cut Marvell Technology Group from a “b” rating to a “c+” rating in a report on Thursday, March 8th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $25.52.
NASDAQ MRVL traded down $0.62 during trading hours on Friday, reaching $20.51. The company’s stock had a trading volume of 8,922,504 shares, compared to its average volume of 8,894,789. The stock has a market capitalization of $10,327.20, a price-to-earnings ratio of 19.72, a PEG ratio of 1.60 and a beta of 0.97. Marvell Technology Group has a 1-year low of $14.58 and a 1-year high of $25.18.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 18th. Stockholders of record on Thursday, March 29th will be given a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.17%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 23.08%.
In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $24.24, for a total value of $727,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael G. Strachan sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $23.65, for a total value of $473,000.00. Following the completion of the sale, the director now owns 19,702 shares of the company’s stock, valued at $465,952.30. The disclosure for this sale can be found here. Insiders sold 61,512 shares of company stock valued at $1,436,276 over the last 90 days. Company insiders own 6.80% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Advisor Group Inc. grew its position in shares of Marvell Technology Group by 516.2% in the fourth quarter. Advisor Group Inc. now owns 4,800 shares of the semiconductor company’s stock valued at $103,000 after purchasing an additional 4,021 shares in the last quarter. Delpha Capital Management LLC purchased a new stake in shares of Marvell Technology Group in the fourth quarter valued at approximately $112,000. Tower Research Capital LLC TRC grew its position in shares of Marvell Technology Group by 208.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,482 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 3,704 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Marvell Technology Group by 182.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,322 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 4,734 shares in the last quarter. Finally, American International Group Inc. purchased a new stake in shares of Marvell Technology Group in the fourth quarter valued at approximately $181,000. Institutional investors and hedge funds own 91.67% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, such as hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software enabled silicon solutions consisting of serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprise, data centers, and cloud computing businesses.
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