915,624 Shares in Marvell Technology Group Ltd. (NASDAQ:MRVL) Purchased by Polaris Greystone Financial Group LLC

Share on StockTwits

Polaris Greystone Financial Group LLC acquired a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 915,624 shares of the semiconductor company’s stock, valued at approximately $21,966,000. Marvell Technology Group accounts for approximately 1.8% of Polaris Greystone Financial Group LLC’s investment portfolio, making the stock its 28th biggest position. Polaris Greystone Financial Group LLC owned approximately 0.14% of Marvell Technology Group as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. State of Alaska Department of Revenue grew its position in shares of Marvell Technology Group by 106.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 222,943 shares of the semiconductor company’s stock worth $5,566,000 after buying an additional 114,973 shares during the period. Macquarie Group Ltd. grew its position in shares of Marvell Technology Group by 2,375.6% during the 2nd quarter. Macquarie Group Ltd. now owns 1,958,189 shares of the semiconductor company’s stock worth $46,743,000 after buying an additional 1,879,089 shares during the period. River & Mercantile Asset Management LLP acquired a new position in shares of Marvell Technology Group during the 2nd quarter worth about $1,527,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Marvell Technology Group by 4.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 177,909 shares of the semiconductor company’s stock worth $4,247,000 after buying an additional 7,191 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in shares of Marvell Technology Group by 24.1% during the 2nd quarter. Treasurer of the State of North Carolina now owns 331,355 shares of the semiconductor company’s stock worth $7,909,000 after buying an additional 64,430 shares during the period.

Shares of Marvell Technology Group stock traded up $0.54 on Wednesday, reaching $23.49. 2,019,641 shares of the company were exchanged, compared to its average volume of 10,691,429. Marvell Technology Group Ltd. has a one year low of $14.34 and a one year high of $27.64. The company has a market capitalization of $16.30 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 11.46 and a beta of 1.19. The company has a current ratio of 3.06, a quick ratio of 2.68 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $24.61 and a 200 day moving average of $23.99.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.11. Marvell Technology Group had a positive return on equity of 5.25% and a negative net margin of 14.42%. The business had revenue of $656.56 million for the quarter, compared to analysts’ expectations of $650.29 million. During the same quarter in the prior year, the business earned $0.28 EPS. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. Analysts predict that Marvell Technology Group Ltd. will post 0.34 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Thursday, October 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date is Wednesday, October 9th. Marvell Technology Group’s dividend payout ratio is 28.24%.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 15,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $23.98, for a total value of $359,700.00. Following the transaction, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at approximately $42,084.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mitchell Gaynor sold 35,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $26.07, for a total value of $912,450.00. Following the completion of the transaction, the executive vice president now directly owns 51,104 shares in the company, valued at $1,332,281.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 515,933 shares of company stock worth $13,180,532. Insiders own 1.10% of the company’s stock.

Several equities analysts have recently issued reports on MRVL shares. Craig Hallum upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Friday, August 30th. Cowen set a $27.00 target price on Marvell Technology Group and gave the stock an “outperform” rating in a research report on Monday, August 26th. Barclays set a $30.00 target price on Marvell Technology Group and gave the stock a “buy” rating in a research report on Friday, August 30th. BidaskClub lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, William Blair began coverage on Marvell Technology Group in a research report on Monday, July 15th. They set an “outperform” rating and a $25.40 target price for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $27.27.

About Marvell Technology Group

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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

See Also: Limitations of the P/E Growth ratio

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.