Marvell Technology Group Ltd. (NASDAQ:MRVL) saw a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 32,271,296 shares, a growth of 180.6% from the November 15th total of 11,500,000 shares. Based on an average trading volume of 20,951,025 shares, the days-to-cover ratio is currently 1.5 days. Approximately 7.3% of the shares of the company are sold short.
In related news, major shareholder Sehat Sutardja sold 62,337 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $18.48, for a total transaction of $1,151,987.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The disclosure for this sale can be found here. Insiders sold a total of 14,075,504 shares of company stock valued at $259,605,751 in the last quarter. Corporate insiders own 6.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Krilogy Financial LLC increased its position in Marvell Technology Group by 1.6% during the second quarter. Krilogy Financial LLC now owns 15,600 shares of the semiconductor company’s stock worth $258,000 after buying an additional 250 shares during the last quarter. Utah Retirement Systems increased its position in Marvell Technology Group by 0.4% during the second quarter. Utah Retirement Systems now owns 73,725 shares of the semiconductor company’s stock worth $1,218,000 after buying an additional 300 shares during the last quarter. M&T Bank Corp increased its position in Marvell Technology Group by 1.3% during the second quarter. M&T Bank Corp now owns 30,943 shares of the semiconductor company’s stock worth $512,000 after buying an additional 402 shares during the last quarter. D.A. Davidson & CO. increased its position in Marvell Technology Group by 10.2% during the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after buying an additional 600 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased its position in Marvell Technology Group by 0.7% during the second quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock worth $2,933,000 after buying an additional 1,200 shares during the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. equities analysts forecast that Marvell Technology Group will post 1.01 EPS for the current fiscal 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 issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, December 26th. This represents a $0.24 annualized dividend and a yield of 1.08%. Marvell Technology Group’s payout ratio is presently 31.17%.
A number of research firms recently weighed in on MRVL. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Friday, September 1st. BMO Capital Markets raised their price target on Marvell Technology Group to $25.00 and gave the company a “market perform” rating in a report on Monday, November 27th. Jefferies Group set a $19.00 target price on Marvell Technology Group and gave the company a “hold” rating in a research note on Wednesday, October 18th. Bank of America raised Marvell Technology Group from a “neutral” rating to a “buy” rating in a research note on Monday, November 20th. Finally, Needham & Company LLC lifted their target price on Marvell Technology Group from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 29th. Eight research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $23.72.
Marvell Technology Group Company 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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