TD Asset Management Inc. Trims Stake in Marvell Technology Group Ltd. (NASDAQ:MRVL)

TD Asset Management Inc. trimmed its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 30.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,465,753 shares of the semiconductor company’s stock after selling 650,889 shares during the quarter. TD Asset Management Inc. owned about 0.22% of Marvell Technology Group worth $34,988,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Signaturefd LLC lifted its stake in Marvell Technology Group by 27.2% during the second quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 397 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in Marvell Technology Group during the second quarter worth about $48,000. Quadrant Capital Group LLC lifted its stake in Marvell Technology Group by 1,266.3% during the first quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 2,482 shares during the last quarter. YorkBridge Wealth Partners LLC bought a new stake in Marvell Technology Group during the first quarter worth about $68,000. Finally, Bessemer Group Inc. lifted its stake in Marvell Technology Group by 75.6% during the second quarter. Bessemer Group Inc. now owns 3,511 shares of the semiconductor company’s stock worth $84,000 after purchasing an additional 1,511 shares during the last quarter.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 265,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the transaction, the chief executive officer now owns 1,755 shares in the company, valued at approximately $45,665.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Willem A. Meintjes sold 28,057 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total value of $682,346.24. The disclosure for this sale can be found here. Insiders have sold a total of 338,057 shares of company stock worth $8,659,346 in the last quarter. Company insiders own 1.10% of the company’s stock.

MRVL traded up $0.76 during midday trading on Friday, reaching $24.84. 193,899 shares of the company’s stock traded hands, compared to its average volume of 9,601,383. The firm has a fifty day moving average of $25.28 and a two-hundred day moving average of $22.65. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of 29.25, a P/E/G ratio of 8.06 and a beta of 1.16. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.67. Marvell Technology Group Ltd. has a 52 week low of $14.34 and a 52 week high of $27.64.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The business had revenue of $662.00 million during the quarter, compared to analyst estimates of $651.07 million. During the same quarter in the prior year, the company posted $0.32 EPS. Marvell Technology Group’s quarterly revenue was up 9.5% compared to the same quarter last year. Sell-side analysts forecast that Marvell Technology Group Ltd. will post 0.43 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.97%. Marvell Technology Group’s dividend payout ratio (DPR) is 28.24%.

Several brokerages have issued reports on MRVL. Piper Jaffray Companies lifted their price target on Marvell Technology Group from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Goldman Sachs Group lowered Marvell Technology Group from a “buy” rating to a “neutral” rating and boosted their target price for the company from $24.00 to $25.00 in a research note on Sunday, July 21st. They noted that the move was a valuation call. BMO Capital Markets boosted their target price on Marvell Technology Group to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Raymond James assumed coverage on Marvell Technology Group in a research note on Wednesday, June 19th. They issued a “market perform” rating and a $24.55 target price for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price on shares of Marvell Technology Group in a research note on Sunday, June 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nineteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $26.25.

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.

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

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