Engineers Gate Manager LP purchased a new stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,500 shares of the semiconductor company’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Kiwi Wealth Investments Limited Partnership lifted its position in shares of Marvell Technology Group by 3.1% during the 2nd quarter. Kiwi Wealth Investments Limited Partnership now owns 82,642 shares of the semiconductor company’s stock valued at $1,772,000 after buying an additional 2,486 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Marvell Technology Group by 2.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 153,996 shares of the semiconductor company’s stock valued at $3,302,000 after buying an additional 3,060 shares during the last quarter. KBC Group NV lifted its position in shares of Marvell Technology Group by 6.3% during the 2nd quarter. KBC Group NV now owns 61,012 shares of the semiconductor company’s stock valued at $1,308,000 after buying an additional 3,608 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Marvell Technology Group by 11.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 41,619 shares of the semiconductor company’s stock valued at $893,000 after buying an additional 4,149 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in shares of Marvell Technology Group by 23.9% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 24,786 shares of the semiconductor company’s stock valued at $461,000 after buying an additional 4,786 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the sale, the chief executive officer now owns 1,755 shares of the company’s stock, valued at approximately $36,223.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.10% of the company’s stock.

A number of brokerages have recently commented on MRVL. ValuEngine cut Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Zacks Investment Research reissued a “buy” rating and set a $19.00 price objective on shares of Marvell Technology Group in a report on Wednesday, November 14th. BidaskClub cut Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. TheStreet cut Marvell Technology Group from a “b” rating to a “c+” rating in a report on Friday, October 26th. Finally, Barclays dropped their price objective on Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, October 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company. Marvell Technology Group currently has an average rating of “Buy” and an average price target of $25.31.

NASDAQ:MRVL opened at $15.19 on Tuesday. Marvell Technology Group Ltd. has a twelve month low of $15.14 and a twelve month high of $25.18. The stock has a market capitalization of $10.47 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.89 and a beta of 1.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The business had revenue of $665.31 million during the quarter, compared to analysts’ expectations of $685.00 million. During the same period in the previous year, the business earned $0.30 EPS. The business’s revenue was up 10.1% on a year-over-year basis. As a group, research analysts expect that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.

Marvell Technology Group announced that its board has authorized a stock repurchase plan on Tuesday, October 16th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, October 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.58%. Marvell Technology Group’s payout ratio is currently 23.08%.

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

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