Engineers Gate Manager LP Takes Position in Marvell Technology Group Ltd. (MRVL)

Engineers Gate Manager LP purchased a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,447 shares of the semiconductor company’s stock, valued at approximately $384,000.

Several other institutional investors have also recently made changes to their positions in MRVL. Pictet Asset Management Ltd. lifted its holdings in shares of Marvell Technology Group by 0.7% in the second quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock worth $2,933,000 after buying an additional 1,200 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Marvell Technology Group by 40.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 37,437 shares of the semiconductor company’s stock worth $648,000 after buying an additional 10,713 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Marvell Technology Group by 8.8% in the second quarter. Advisors Asset Management Inc. now owns 43,134 shares of the semiconductor company’s stock worth $713,000 after buying an additional 3,484 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Marvell Technology Group by 8.1% in the second quarter. Bank of New York Mellon Corp now owns 2,445,267 shares of the semiconductor company’s stock valued at $40,395,000 after purchasing an additional 182,460 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Marvell Technology Group by 0.6% in the second quarter. Legal & General Group Plc now owns 1,936,353 shares of the semiconductor company’s stock valued at $31,988,000 after purchasing an additional 10,693 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at $21.62 on Friday. Marvell Technology Group Ltd. has a fifty-two week low of $13.83 and a fifty-two week high of $24.22. The stock has a market cap of $10,634.48, a P/E ratio of 23.28, a PEG ratio of 1.31 and a beta of 1.13.

Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The firm had revenue of $616.00 million for the quarter, compared to analysts’ expectations of $613.49 million. During the same quarter last year, the business earned $0.20 earnings per share. The business’s revenue was down 5.8% on a year-over-year basis. equities analysts forecast that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Wednesday, December 27th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Tuesday, December 26th. Marvell Technology Group’s dividend payout ratio is 31.17%.

In other news, major shareholder Sehat Sutardja sold 93,895 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $18.02, for a total value of $1,691,987.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Insiders sold 12,700,504 shares of company stock worth $235,075,751 in the last 90 days. Company insiders own 6.80% of the company’s stock.

MRVL has been the topic of a number of recent analyst reports. Bank of America raised shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a research note on Monday, November 20th. Jefferies Group reaffirmed a “hold” rating and issued a $18.50 target price (down from $19.00) on shares of Marvell Technology Group in a research note on Thursday, August 24th. Cowen reaffirmed an “outperform” rating and issued a $29.00 target price (up from $21.00) on shares of Marvell Technology Group in a research note on Monday, November 27th. Oppenheimer reaffirmed a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a research note on Monday, November 6th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $16.00 target price on shares of Marvell Technology Group in a research note on Monday, August 28th. Eight investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $23.87.

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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.

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

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