Arrowstreet Capital Limited Partnership decreased its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 80.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,026,189 shares of the semiconductor company’s stock after selling 4,308,765 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.20% of Marvell Technology Group worth $16,953,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Kingdon Capital Management L.L.C. boosted its stake in shares of Marvell Technology Group by 18.6% during the second quarter. Kingdon Capital Management L.L.C. now owns 770,708 shares of the semiconductor company’s stock worth $12,732,000 after buying an additional 120,708 shares during the period. Contour Asset Management LLC boosted its stake in shares of Marvell Technology Group by 11.5% during the second quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock worth $151,868,000 after buying an additional 944,622 shares during the period. Sensato Investors LLC acquired a new stake in shares of Marvell Technology Group during the second quarter worth about $6,848,000. Gotham Asset Management LLC boosted its stake in shares of Marvell Technology Group by 199.5% during the second quarter. Gotham Asset Management LLC now owns 971,472 shares of the semiconductor company’s stock worth $16,049,000 after buying an additional 647,099 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in shares of Marvell Technology Group by 1,243.4% during the second quarter. Janus Henderson Group PLC now owns 840,174 shares of the semiconductor company’s stock worth $13,879,000 after buying an additional 777,635 shares during the period. Institutional investors and hedge funds own 76.61% of the company’s stock.
In related news, major shareholder Sehat Sutardja sold 387,642 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $18.48, for a total value of $7,163,624.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 9,166,380 shares of company stock worth $165,531,785 over the last quarter. Insiders own 6.80% of the company’s stock.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded up 0.05% on Wednesday, hitting $18.52. 602,519 shares of the stock were exchanged. The firm’s 50-day moving average is $17.73 and its 200-day moving average is $16.48. Marvell Technology Group Ltd. has a one year low of $12.30 and a one year high of $18.72. The company has a market cap of $9.18 billion, a P/E ratio of 35.89 and a beta of 1.13.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The business had revenue of $604.75 million during the quarter, compared to the consensus estimate of $600.76 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities analysts forecast that Marvell Technology Group Ltd. will post $1.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 26th. Investors of record on Tuesday, October 10th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.30%. Marvell Technology Group’s payout ratio is currently 47.06%.
Several equities research analysts have recently weighed in on MRVL shares. B. Riley reiterated a “buy” rating and set a $23.00 target price on shares of Marvell Technology Group in a research note on Sunday, June 18th. Pacific Crest upgraded shares of Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 target price for the company in a research note on Tuesday, June 20th. Cowen and Company reiterated an “outperform” rating and set a $21.00 target price on shares of Marvell Technology Group in a research note on Wednesday, June 21st. MKM Partners reiterated a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a research note on Tuesday, July 4th. Finally, BidaskClub downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.31.
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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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