World Asset Management Inc cut its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 9.8% during the second quarter, Holdings Channel reports. The fund owned 29,840 shares of the semiconductor company’s stock after selling 3,226 shares during the period. World Asset Management Inc’s holdings in Marvell Technology Group were worth $493,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MRVL. BlackRock Inc. raised its stake in Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after buying an additional 23,727,243 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after buying an additional 3,613,160 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in Marvell Technology Group during the first quarter valued at about $42,491,000. Victory Capital Management Inc. raised its stake in Marvell Technology Group by 109.2% in the first quarter. Victory Capital Management Inc. now owns 4,014,790 shares of the semiconductor company’s stock valued at $61,266,000 after buying an additional 2,095,294 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in Marvell Technology Group during the first quarter valued at about $26,427,000. 74.62% of the stock is owned by institutional investors.

Marvell Technology Group Ltd. (NASDAQ MRVL) opened at 15.05 on Friday. The company has a market capitalization of $7.56 billion, a P/E ratio of 50.84 and a beta of 1.10. Marvell Technology Group Ltd. has a 1-year low of $11.30 and a 1-year high of $18.18. The firm’s 50-day moving average is $16.22 and its 200-day moving average is $15.97.

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

The business also recently announced a quarterly dividend, which was paid on Friday, July 21st. Investors of record on Wednesday, July 5th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Friday, June 30th. Marvell Technology Group’s dividend payout ratio (DPR) is currently 82.76%.

ILLEGAL ACTIVITY NOTICE: “World Asset Management Inc Sells 3,226 Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL)” was first published by Daily Political and is owned by of Daily Political. If you are reading this piece on another site, it was stolen and reposted in violation of international copyright legislation. The legal version of this piece can be viewed at https://www.dailypolitical.com/2017/08/11/world-asset-management-inc-sells-3226-shares-of-marvell-technology-group-ltd-nasdaqmrvl.html.

Several equities research analysts have recently issued reports on MRVL shares. 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. B. Riley reissued a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research report on Wednesday, June 28th. Needham & Company LLC reissued a “buy” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a research report on Tuesday, April 18th. BidaskClub lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, TheStreet raised shares of Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $18.44.

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.

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).

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

Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.