MKM Partners reiterated their buy rating on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a research report sent to investors on Tuesday morning, StockTargetPrices.com reports. MKM Partners currently has a $20.00 price objective on the semiconductor company’s stock.
MRVL has been the subject of a number of other research reports. Cowen and Company boosted their price target on Marvell Technology Group from $20.00 to $21.00 and gave the stock an outperform rating in a research report on Monday, March 13th. Jefferies Group LLC reissued a hold rating and set a $18.00 price objective on shares of Marvell Technology Group in a research report on Monday, March 13th. Oppenheimer Holdings, Inc. raised Marvell Technology Group from a market perform rating to an outperform rating and set a $18.50 price objective for the company in a research report on Friday, May 26th. B. Riley reissued a buy rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Monday, March 6th. Finally, Zacks Investment Research cut Marvell Technology Group from a buy rating to a hold rating in a research report on Wednesday, May 3rd. One equities research analyst has 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. Marvell Technology Group currently has an average rating of Buy and an average price target of $17.93.
Shares of Marvell Technology Group (NASDAQ MRVL) opened at 16.13 on Tuesday. The stock has a market capitalization of $8.11 billion, a P/E ratio of 54.49 and a beta of 1.11. The company’s 50 day moving average price is $17.03 and its 200 day moving average price is $15.63. Marvell Technology Group has a one year low of $9.68 and a one year high of $18.18.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. Marvell Technology Group had a return on equity of 7.96% and a net margin of 6.19%. The company had revenue of $579.18 million during the quarter, compared to analysts’ expectations of $570.72 million. During the same quarter in the previous year, the firm earned $0.01 earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities analysts expect that Marvell Technology Group will post $1.10 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Wednesday, July 5th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, June 30th. Marvell Technology Group’s payout ratio is presently 82.76%.
A number of hedge funds have recently modified their holdings of MRVL. Vanguard Group Inc. increased its stake in shares of Marvell Technology Group by 2.9% in the first quarter. Vanguard Group Inc. now owns 31,899,958 shares of the semiconductor company’s stock valued at $486,793,000 after buying an additional 887,640 shares during the last quarter. BlackRock Inc. increased its stake in shares of Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after buying an additional 23,727,243 shares during the last quarter. State Street Corp increased its stake in shares of Marvell Technology Group by 3.6% in the first quarter. State Street Corp now owns 9,846,772 shares of the semiconductor company’s stock valued at $150,267,000 after buying an additional 341,686 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after buying an additional 3,613,160 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Marvell Technology Group during the fourth quarter valued at approximately $115,619,000. 74.09% of the stock is currently owned by institutional investors and hedge funds.
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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