Xact Kapitalforvaltning AB reduced its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 2.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,901 shares of the semiconductor company’s stock after selling 1,243 shares during the period. Xact Kapitalforvaltning AB’s holdings in Marvell Technology Group were worth $923,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of MRVL. Piedmont Investment Advisors LLC increased its stake in Marvell Technology Group by 131.2% in the first quarter. Piedmont Investment Advisors LLC now owns 109,828 shares of the semiconductor company’s stock worth $1,676,000 after buying an additional 62,317 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Marvell Technology Group by 7.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 61,507 shares of the semiconductor company’s stock worth $939,000 after buying an additional 4,400 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Marvell Technology Group by 1,740.4% in the first quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock worth $122,000 after buying an additional 7,536 shares during the period. FNY Partners Fund LP increased its stake in shares of Marvell Technology Group by 170,794.0% in the first quarter. FNY Partners Fund LP now owns 85,447 shares of the semiconductor company’s stock worth $1,303,000 after buying an additional 85,397 shares during the period. Finally, First Financial Equity Corporation bought a new stake in shares of Marvell Technology Group during the first quarter worth about $237,000. Institutional investors own 74.19% of the company’s stock.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded down 1.76% during trading on Friday, reaching $15.59. The company had a trading volume of 6,166,998 shares. Marvell Technology Group Ltd. has a 1-year low of $11.27 and a 1-year high of $18.18. The firm has a 50-day moving average of $16.72 and a 200 day moving average of $15.90. The firm has a market capitalization of $7.84 billion, a PE ratio of 52.67 and a beta of 1.11.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, May 25th. The semiconductor company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. Marvell Technology Group had a net margin of 6.19% and a return on equity of 7.96%. The firm had revenue of $579.18 million during the quarter, compared to the consensus estimate of $570.72 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. Analysts expect that Marvell Technology Group Ltd. will post $1.10 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Wednesday, July 5th were paid a $0.06 dividend. The ex-dividend date was Friday, June 30th. This represents a $0.24 annualized dividend and a yield of 1.54%. Marvell Technology Group’s dividend payout ratio is presently 82.76%.
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A number of equities research analysts have issued reports on MRVL shares. MKM Partners restated a “buy” rating and set a $20.00 price objective on shares of Marvell Technology Group in a research report on Thursday, April 6th. Needham & Company LLC restated a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Tuesday, April 18th. B. Riley reiterated a “buy” rating and issued a $21.00 price target on shares of Marvell Technology Group in a report on Wednesday, April 26th. Zacks Investment Research downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 3rd. Finally, Deutsche Bank AG increased their price target on Marvell Technology Group from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.44.
About Marvell Technology Group
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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