DNB Asset Management AS boosted its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 14.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 66,306 shares of the semiconductor company’s stock after purchasing an additional 8,521 shares during the quarter. DNB Asset Management AS’s holdings in Marvell Technology Group were worth $1,319,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC raised its holdings in Marvell Technology Group by 48.1% in the fourth quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock worth $1,308,549,000 after purchasing an additional 26,251,979 shares in the last quarter. Vanguard Group Inc raised its holdings in Marvell Technology Group by 45.0% in the third quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after purchasing an additional 16,517,490 shares in the last quarter. BlackRock Inc. raised its holdings in Marvell Technology Group by 9.7% in the fourth quarter. BlackRock Inc. now owns 35,692,591 shares of the semiconductor company’s stock worth $577,863,000 after purchasing an additional 3,150,773 shares in the last quarter. Boston Partners grew its stake in shares of Marvell Technology Group by 7.2% in the fourth quarter. Boston Partners now owns 15,313,740 shares of the semiconductor company’s stock worth $247,930,000 after acquiring an additional 1,030,464 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Marvell Technology Group by 11.4% in the third quarter. Bank of New York Mellon Corp now owns 7,356,470 shares of the semiconductor company’s stock worth $141,980,000 after acquiring an additional 751,488 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.
NASDAQ:MRVL traded up $0.11 on Friday, hitting $23.51. The stock had a trading volume of 7,351,435 shares, compared to its average volume of 13,500,754. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.76 and a current ratio of 2.19. Marvell Technology Group Ltd. has a 52-week low of $14.34 and a 52-week high of $25.74. The stock has a market capitalization of $15.42 billion, a price-to-earnings ratio of 27.66, a PEG ratio of 4.24 and a beta of 1.11.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 3rd were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Tuesday, April 2nd. Marvell Technology Group’s dividend payout ratio (DPR) is currently 28.24%.
In other news, EVP Mitchell Gaynor sold 10,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $23.64, for a total value of $236,400.00. Following the transaction, the executive vice president now owns 25,576 shares of the company’s stock, valued at $604,616.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is owned by company insiders.
MRVL has been the topic of several recent analyst reports. Zacks Investment Research raised Marvell Technology Group from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Jaffray Companies increased their price objective on Marvell Technology Group from $22.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. BidaskClub raised Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. Bank of America increased their price objective on Marvell Technology Group from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, BMO Capital Markets increased their price objective on Marvell Technology Group to $28.00 and gave the company an “outperform” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $25.62.
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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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