RS Investment Management Co. LLC purchased a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) during the second quarter, Holdings Channel reports. The institutional investor purchased 215,080 shares of the company’s stock, valued at approximately $2,050,000.
Other hedge funds have also recently modified their holdings of the company. Daiwa Securities Group Inc. increased its stake in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock worth $105,000 after buying an additional 2,100 shares during the period. Hartford Investment Management Co. purchased a new stake in shares of Marvell Technology Group during the second quarter worth $110,000. Franklin Resources Inc. purchased a new stake in shares of Marvell Technology Group during the first quarter worth $132,000. CIBC World Markets Inc. purchased a new stake in shares of Marvell Technology Group during the second quarter worth $139,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Marvell Technology Group by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 14,273 shares of the company’s stock worth $147,000 after buying an additional 1,575 shares during the period. 70.65% of the stock is owned by institutional investors.
Marvell Technology Group Ltd. (NASDAQ:MRVL) traded up 0.61% during mid-day trading on Wednesday, reaching $13.17. 7,100,680 shares of the company were exchanged. The stock has a 50-day moving average price of $12.39 and a 200 day moving average price of $10.78. Marvell Technology Group Ltd. has a one year low of $7.40 and a one year high of $13.45. The company’s market capitalization is $6.74 billion.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.07. The business had revenue of $626 million for the quarter, compared to the consensus estimate of $629.96 million. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The company’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS. Analysts predict that Marvell Technology Group Ltd. will post $0.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Wednesday, September 28th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Monday, September 26th. Marvell Technology Group’s dividend payout ratio is presently -480.00%.
MRVL has been the subject of a number of recent analyst reports. B. Riley reaffirmed a “buy” rating and set a $15.00 price target on shares of Marvell Technology Group in a report on Sunday, June 26th. Brean Capital reaffirmed a “buy” rating and set a $12.50 price target on shares of Marvell Technology Group in a report on Wednesday, July 20th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $12.62.
About Marvell Technology Group
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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