Marvell Technology Group Ltd. (MRVL) Short Interest Update
Marvell Technology Group Ltd. (NASDAQ:MRVL) saw a large growth in short interest in September. As of September 28th, there was short interest totalling 19,042,183 shares, a growth of 18.6% from the September 14th total of 16,055,403 shares. Approximately 3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 11,372,020 shares, the days-to-cover ratio is presently 1.7 days.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $20.64, for a total value of $206,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at approximately $36,223.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. World Asset Management Inc lifted its position in shares of Marvell Technology Group by 35.6% in the 3rd quarter. World Asset Management Inc now owns 28,561 shares of the semiconductor company’s stock worth $551,000 after purchasing an additional 7,499 shares during the period. DNB Asset Management AS lifted its position in shares of Marvell Technology Group by 39.6% in the 3rd quarter. DNB Asset Management AS now owns 57,785 shares of the semiconductor company’s stock worth $1,115,000 after purchasing an additional 16,400 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Marvell Technology Group by 109.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 91,647 shares of the semiconductor company’s stock worth $1,768,000 after purchasing an additional 47,867 shares during the period. Cerebellum GP LLC acquired a new position in shares of Marvell Technology Group in the 3rd quarter worth approximately $183,000. Finally, Woodstock Corp acquired a new position in shares of Marvell Technology Group in the 3rd quarter worth approximately $242,000. Hedge funds and other institutional investors own 81.56% of the company’s stock.
MRVL opened at $18.01 on Friday. Marvell Technology Group has a fifty-two week low of $17.18 and a fifty-two week high of $25.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.01). The business had revenue of $665.31 million for the quarter, compared to the consensus estimate of $685.00 million. Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. Equities research analysts forecast that Marvell Technology Group will post 0.86 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd will be given a $0.06 dividend. The ex-dividend date is Monday, October 1st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.33%. Marvell Technology Group’s dividend payout ratio (DPR) is currently 23.08%.
About Marvell Technology Group
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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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