Bank of Montreal Can increased its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 593.9% during the second quarter, Holdings Channel reports. The firm owned 493,150 shares of the semiconductor company’s stock after buying an additional 422,078 shares during the period. Bank of Montreal Can’s holdings in Marvell Technology Group were worth $8,147,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of Marvell Technology Group by 103.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,258 shares of the semiconductor company’s stock valued at $102,000 after buying an additional 3,696 shares during the period. Creative Planning raised its position in shares of Marvell Technology Group by 175.3% in the first quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 4,558 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Marvell Technology Group by 1,740.4% in the first quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock valued at $122,000 after buying an additional 7,536 shares during the period. James Investment Research Inc. bought a new position in shares of Marvell Technology Group during the first quarter valued at approximately $138,000. Finally, United Capital Financial Advisers LLC bought a new position in shares of Marvell Technology Group during the first quarter valued at approximately $165,000. 74.19% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Group Ltd. (MRVL) opened at 16.05 on Thursday. The company has a market capitalization of $8.07 billion, a P/E ratio of 54.22 and a beta of 1.11. Marvell Technology Group Ltd. has a 1-year low of $11.27 and a 1-year high of $18.18. The firm’s 50-day moving average is $16.83 and its 200-day moving average is $15.89.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 25th. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.04. The business had revenue of $579.18 million for the quarter, compared to the consensus estimate of $570.72 million. Marvell Technology Group had a net margin of 6.19% and a return on equity of 7.96%. Marvell Technology Group’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. Equities research analysts predict that Marvell Technology Group Ltd. will post $1.10 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Wednesday, July 5th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. Marvell Technology Group’s dividend payout ratio is currently 82.76%.

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Several equities analysts recently commented on the stock. Oppenheimer Holdings, Inc. raised shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $18.50 price target for the company in a research report on Friday, May 26th. BidaskClub lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Cowen and Company reaffirmed an “outperform” rating and set a $21.00 price target on shares of Marvell Technology Group in a research report on Wednesday, June 21st. Zacks Investment Research lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. Finally, B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group has an average rating of “Buy” and an average price target of $18.05.

About Marvell Technology Group

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.

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

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