TD Asset Management Inc. raised its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 3,936.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,074,119 shares of the semiconductor company’s stock after buying an additional 1,047,509 shares during the period. TD Asset Management Inc.’s holdings in Marvell Technology Group were worth $17,744,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Sumitomo Mitsui Asset Management Company LTD boosted its position in Marvell Technology Group by 22.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 34,167 shares of the semiconductor company’s stock valued at $521,000 after buying an additional 6,344 shares during the period. Russell Investments Group Ltd. boosted its position in Marvell Technology Group by 76.2% in the first quarter. Russell Investments Group Ltd. now owns 2,166,031 shares of the semiconductor company’s stock valued at $33,054,000 after buying an additional 936,963 shares during the period. Janney Montgomery Scott LLC boosted its position in Marvell Technology Group by 16.9% in the first quarter. Janney Montgomery Scott LLC now owns 34,309 shares of the semiconductor company’s stock valued at $524,000 after buying an additional 4,960 shares during the period. ProShare Advisors LLC boosted its position in Marvell Technology Group by 0.3% in the first quarter. ProShare Advisors LLC now owns 27,321 shares of the semiconductor company’s stock valued at $417,000 after buying an additional 75 shares during the period. Finally, Profund Advisors LLC boosted its position in Marvell Technology Group by 19.1% in the first quarter. Profund Advisors LLC now owns 80,048 shares of the semiconductor company’s stock valued at $1,222,000 after buying an additional 12,821 shares during the period. Institutional investors and hedge funds own 74.62% of the company’s stock.

Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at 15.39 on Friday. The company has a 50-day moving average price of $16.16 and a 200 day moving average price of $15.98. Marvell Technology Group Ltd. has a 1-year low of $11.30 and a 1-year high of $18.18. The company has a market capitalization of $7.74 billion, a P/E ratio of 51.99 and a beta of 1.10.

Marvell Technology Group (NASDAQ:MRVL) last released 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 return on equity of 7.96% and a net margin of 6.19%. The business had revenue of $579.18 million during the quarter, compared to the consensus estimate of $570.72 million. During the same period last year, the business posted $0.01 earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. Equities research analysts anticipate that Marvell Technology Group Ltd. will post $1.10 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Wednesday, July 5th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Friday, June 30th. Marvell Technology Group’s dividend payout ratio is currently 82.76%.

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MRVL has been the topic of a number of recent research reports. B. Riley reissued a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a research report on Friday, June 2nd. TheStreet raised Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. Morgan Stanley lifted their target price on Marvell Technology Group from $17.00 to $18.50 and gave the company an “equal weight” rating in a research report on Tuesday, May 30th. Cowen and Company reissued an “outperform” rating and issued a $21.00 target price on shares of Marvell Technology Group in a research report on Wednesday, June 21st. Finally, Pacific Crest raised Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 target price on the stock in a research report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average 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.

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

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