Vetr Inc. Downgrades Marvell Technology Group Ltd. (MRVL) to Hold
Marvell Technology Group Ltd. (NASDAQ:MRVL) was downgraded by research analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued on Wednesday. They currently have a $13.42 price objective on the stock. Vetr‘s price target suggests a potential upside of 3.55% from the stock’s previous close.
A number of other analysts have also weighed in on the company. Cowen and Company reissued an “outperform” rating and set a $15.00 price objective on shares of Marvell Technology Group in a research note on Friday, July 22nd. Zacks Investment Research lowered Marvell Technology Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 25th. Bank of America Corp. reissued a “sell” rating and set a $10.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, July 20th. Susquehanna initiated coverage on Marvell Technology Group in a research note on Tuesday. They issued a “neutral” rating and a $13.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Marvell Technology Group in a research note on Monday, July 18th. Three equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.42.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 12.96 on Wednesday. The firm’s 50-day moving average is $12.21 and its 200-day moving average is $10.69. Marvell Technology Group has a 52 week low of $7.40 and a 52 week high of $13.06. The company’s market cap is $6.63 billion.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. The firm earned $626 million during the quarter, compared to analyst estimates of $629.96 million. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share. Equities research analysts predict that Marvell Technology Group will post $0.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Wednesday, September 28th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, September 26th. This represents a $0.24 annualized dividend and a dividend yield of 1.85%. Marvell Technology Group’s dividend payout ratio (DPR) is -480.00%.
Several hedge funds have recently modified their holdings of MRVL. Daiwa Securities Group Inc. boosted its stake in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock valued at $105,000 after buying an additional 2,100 shares during the period. Hartford Investment Management Co. purchased a new stake in shares of Marvell Technology Group during the second quarter valued at about $110,000. Franklin Resources Inc. purchased a new stake in shares of Marvell Technology Group during the first quarter valued at about $132,000. Envestnet Asset Management Inc. boosted its stake in shares of Marvell Technology Group by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 14,273 shares of the company’s stock valued at $147,000 after buying an additional 1,575 shares during the period. Finally, CIBC World Markets Inc. purchased a new stake in shares of Marvell Technology Group during the second quarter valued at about $139,000. 70.65% of the stock is currently owned by institutional investors and hedge funds.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
To view Vetr’s full report, visit Vetr’s official website.
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