Northern Trust Corp Has $39.69 Million Holdings in Marvell Technology Group Ltd. (MRVL)

Northern Trust Corp reduced its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 4.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,402,370 shares of the semiconductor company’s stock after selling 124,873 shares during the quarter. Northern Trust Corp owned about 0.48% of Marvell Technology Group worth $39,688,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Greenwood Capital Associates LLC grew its holdings in shares of Marvell Technology Group by 37.0% during the second quarter. Greenwood Capital Associates LLC now owns 18,900 shares of the semiconductor company’s stock valued at $312,000 after buying an additional 5,105 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Marvell Technology Group by 9.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 547,334 shares of the semiconductor company’s stock valued at $9,042,000 after buying an additional 47,648 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Marvell Technology Group during the second quarter valued at $36,663,000. Seven Eight Capital LP grew its holdings in shares of Marvell Technology Group by 41.3% during the second quarter. Seven Eight Capital LP now owns 228,974 shares of the semiconductor company’s stock valued at $3,783,000 after buying an additional 66,900 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Marvell Technology Group by 15.6% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 129,709 shares of the semiconductor company’s stock valued at $2,143,000 after buying an additional 17,485 shares during the last quarter. 76.61% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The business had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The business’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Friday, October 6th. Marvell Technology Group’s payout ratio is currently 47.06%.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 492,343 shares of Marvell Technology Group stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $17.41, for a total transaction of $8,571,691.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 12,934,882 shares of company stock valued at $235,200,980. 6.80% of the stock is currently owned by company insiders.

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A number of equities research analysts have recently weighed in on MRVL shares. B. Riley reissued a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a report on Wednesday, June 28th. BidaskClub lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Cowen and Company reissued a “buy” rating on shares of Marvell Technology Group in a report on Friday, July 14th. Finally, Pacific Crest raised shares of Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a report on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $19.31.

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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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