Marvell Technology Group Ltd. (MRVL) Upgraded to Buy at Bank of America Corporation

Bank of America Corporation upgraded shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a neutral rating to a buy rating in a report issued on Monday.

Several other equities research analysts have also weighed in on the company. BidaskClub lowered Marvell Technology Group from a hold rating to a sell rating in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reiterated a buy rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Monday, November 6th. Zacks Investment Research lowered Marvell Technology Group from a buy rating to a hold rating in a report on Thursday, July 27th. Cowen and Company reiterated a buy rating on shares of Marvell Technology Group in a report on Friday, October 13th. Finally, Jefferies Group LLC set a $19.00 price target on Marvell Technology Group and gave the stock a hold rating in a report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $21.25.

Shares of Marvell Technology Group (NASDAQ MRVL) traded up $1.30 during midday trading on Monday, hitting $21.59. The company had a trading volume of 67,009,297 shares, compared to its average volume of 6,415,622. The company has a market cap of $10,700.00, a PE ratio of 26.01, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05. Marvell Technology Group has a 1-year low of $13.59 and a 1-year high of $21.81.

Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. During the same quarter last year, the firm posted $0.18 earnings per share. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. analysts expect that Marvell Technology Group will post 0.97 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.11%. Marvell Technology Group’s dividend payout ratio is 54.55%.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 1,266,498 shares of the firm’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $18.55, for a total value of $23,493,537.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 17,558,035 shares of company stock valued at $320,838,284. Corporate insiders own 6.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Boston Partners acquired a new stake in shares of Marvell Technology Group in the second quarter valued at approximately $133,179,000. Epoch Investment Partners Inc. lifted its holdings in Marvell Technology Group by 981.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after purchasing an additional 3,614,719 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Marvell Technology Group by 239.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after purchasing an additional 2,741,914 shares during the last quarter. Jennison Associates LLC acquired a new stake in Marvell Technology Group during the 2nd quarter worth approximately $36,663,000. Finally, TimesSquare Capital Management LLC lifted its holdings in Marvell Technology Group by 60.2% during the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after purchasing an additional 1,677,100 shares during the last quarter. 77.03% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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