US Bancorp DE grew its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 5.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 468,117 shares of the semiconductor company’s stock after purchasing an additional 24,128 shares during the quarter. US Bancorp DE owned about 0.07% of Marvell Technology Group worth $9,035,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in MRVL. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Marvell Technology Group during the 2nd quarter worth approximately $117,000. MUFG Americas Holdings Corp bought a new stake in Marvell Technology Group during the 2nd quarter worth approximately $120,000. Commonwealth Bank of Australia increased its holdings in Marvell Technology Group by 1,142.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock worth $185,000 after purchasing an additional 8,000 shares in the last quarter. Cerebellum GP LLC bought a new stake in Marvell Technology Group during the 3rd quarter worth approximately $183,000. Finally, K2 Principal Fund L.P. bought a new stake in Marvell Technology Group during the 2nd quarter worth approximately $207,000. 82.65% of the stock is currently owned by institutional investors.
In related news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the transaction, the chief executive officer now owns 1,755 shares in the company, valued at $36,223.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.10% of the stock is currently owned by corporate insiders.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The firm had revenue of $665.31 million during the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter in the previous year, the company posted $0.30 EPS. Marvell Technology Group’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, analysts predict that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current year.
Marvell Technology Group declared that its board has approved a stock repurchase plan on Tuesday, October 16th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 23rd. Investors of record on Tuesday, October 2nd were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, October 1st. This represents a $0.24 annualized dividend and a yield of 1.46%. Marvell Technology Group’s payout ratio is 23.08%.
A number of analysts have commented on the company. BidaskClub raised Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Stifel Nicolaus raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Friday, October 12th. BMO Capital Markets reissued a “hold” rating and set a $24.00 price objective on shares of Marvell Technology Group in a report on Friday, September 7th. TheStreet lowered Marvell Technology Group from a “b” rating to a “c+” rating in a report on Friday, October 26th. Finally, Goldman Sachs Group set a $23.00 price objective on Marvell Technology Group and gave the stock a “buy” rating in a report on Wednesday, October 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.56.
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Marvell Technology Group Company Profile
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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