American Century Companies Inc. bought a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,419,884 shares of the semiconductor company’s stock, valued at approximately $66,004,000. American Century Companies Inc. owned 0.52% of Marvell Technology Group as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the stock. Cadence Capital Management LLC acquired a new stake in shares of Marvell Technology Group during the 3rd quarter valued at about $206,000. CIBC Asset Management Inc lifted its holdings in shares of Marvell Technology Group by 14.5% during the 3rd quarter. CIBC Asset Management Inc now owns 43,340 shares of the semiconductor company’s stock valued at $836,000 after buying an additional 5,484 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Marvell Technology Group by 248.0% during the 3rd quarter. Wells Fargo & Company MN now owns 4,404,863 shares of the semiconductor company’s stock valued at $85,013,000 after buying an additional 3,139,199 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Marvell Technology Group by 47.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 21,824 shares of the semiconductor company’s stock valued at $421,000 after buying an additional 6,990 shares during the last quarter. Finally, Tdam USA Inc. lifted its holdings in shares of Marvell Technology Group by 1.5% during the 3rd quarter. Tdam USA Inc. now owns 454,312 shares of the semiconductor company’s stock valued at $9,108,000 after buying an additional 6,629 shares during the last quarter. 82.65% of the stock is currently owned by hedge funds and other institutional investors.
MRVL opened at $16.39 on Monday. Marvell Technology Group Ltd. has a twelve month low of $15.31 and a twelve month high of $25.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. The company has a market capitalization of $11.00 billion, a P/E ratio of 15.76, a P/E/G ratio of 2.00 and a beta of 1.09.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.46%. The ex-dividend date was Monday, October 1st. Marvell Technology Group’s dividend payout ratio is currently 23.08%.
Marvell Technology Group declared that its Board of Directors has approved a stock buyback program on Tuesday, October 16th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
MRVL has been the subject of several research reports. Goldman Sachs Group initiated coverage on Marvell Technology Group in a report on Tuesday, September 18th. They set a “buy” rating and a $23.00 price target for the company. BidaskClub lowered Marvell Technology Group from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. B. Riley reduced their price target on Marvell Technology Group from $30.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 10th. ValuEngine lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $27.00 target price on shares of Marvell Technology Group in a report on Sunday, September 9th. One 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 stock. The stock has an average rating of “Buy” and an average price target of $25.56.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group 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 directly owns 1,755 shares of the company’s stock, valued at approximately $36,223.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.10% of the company’s stock.
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 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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