TimesSquare Capital Management LLC reduced its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 19.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,022,496 shares of the semiconductor company’s stock after selling 1,223,002 shares during the period. Marvell Technology Group comprises about 0.9% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 27th biggest position. TimesSquare Capital Management LLC owned 0.76% of Marvell Technology Group worth $119,887,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC raised its stake in shares of Marvell Technology Group by 27.2% in the second quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 397 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Marvell Technology Group during the second quarter worth approximately $48,000. Quadrant Capital Group LLC raised its stake in shares of 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 buying an additional 2,482 shares during the last quarter. YorkBridge Wealth Partners LLC bought a new stake in shares of Marvell Technology Group during the first quarter worth approximately $68,000. Finally, Bessemer Group Inc. raised its stake in shares of 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 buying an additional 1,511 shares during the last quarter.
Shares of Marvell Technology Group stock traded up $0.86 on Friday, hitting $24.94. The company had a trading volume of 233,763 shares, compared to its average volume of 9,601,383. The firm has a market capitalization of $15.93 billion, a P/E ratio of 29.33, a P/E/G ratio of 8.06 and a beta of 1.16. Marvell Technology Group Ltd. has a twelve month low of $14.34 and a twelve month high of $27.64. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.67. The stock has a 50-day moving average of $25.28 and a 200-day moving average of $22.65.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Thursday, July 11th. Marvell Technology Group’s dividend payout ratio is presently 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 shares were sold at an average price of $23.98, for a total transaction of $359,700.00. Following the sale, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at $42,084.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Oleg Khaykin sold 10,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $23.89, for a total transaction of $238,900.00. Following the sale, the director now directly owns 33,204 shares in the company, valued at $793,243.56. The disclosure for this sale can be found here. In the last three months, insiders sold 338,057 shares of company stock worth $8,659,346. 1.10% of the stock is currently owned by insiders.
A number of equities research analysts recently weighed in on the stock. Piper Jaffray Companies boosted their price target on shares of Marvell Technology Group from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. William Blair assumed coverage on shares of Marvell Technology Group in a research note on Monday, July 15th. They set an “outperform” rating and a $25.40 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research note on Sunday, June 2nd. Raymond James assumed coverage on shares of Marvell Technology Group in a research note on Wednesday, June 19th. They set a “market perform” rating and a $24.55 price target for the company. Finally, MKM Partners boosted their price target on shares of Marvell Technology Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and nineteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $26.25.
Marvell Technology Group Company Profile
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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