State of Alaska Department of Revenue grew its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 109.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 91,647 shares of the semiconductor company’s stock after acquiring an additional 47,867 shares during the quarter. State of Alaska Department of Revenue’s holdings in Marvell Technology Group were worth $1,768,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Marvell Technology Group during the 2nd quarter valued at approximately $117,000. MUFG Americas Holdings Corp acquired a new position in Marvell Technology Group during the 2nd quarter valued at approximately $120,000. Commonwealth Bank of Australia boosted its position in Marvell Technology Group by 1,142.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after purchasing an additional 8,000 shares during the period. Cerebellum GP LLC acquired a new position in Marvell Technology Group during the 3rd quarter valued at approximately $183,000. Finally, K2 Principal Fund L.P. acquired a new position in Marvell Technology Group during the 2nd quarter valued at approximately $207,000. Institutional investors and hedge funds own 81.69% of the company’s stock.
Shares of Marvell Technology Group stock opened at $18.09 on Friday. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $12.48 billion, a PE ratio of 18.23, a PEG ratio of 2.27 and a beta of 0.96. Marvell Technology Group Ltd. has a fifty-two week low of $17.18 and a fifty-two week high of $25.18.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd will be issued a $0.06 dividend. The ex-dividend date is Monday, October 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.33%. Marvell Technology Group’s dividend payout ratio (DPR) is 23.08%.
Marvell Technology Group announced that its Board of Directors has authorized a stock buyback plan on Tuesday, October 16th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
MRVL has been the subject of a number of analyst reports. ValuEngine lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 21st. Deutsche Bank upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Tuesday, June 26th. Evercore ISI initiated coverage on Marvell Technology Group in a research report on Tuesday, June 26th. They set an “outperform” rating and a $27.00 price target for the company. Argus reiterated a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research report on Friday, June 29th. Finally, UBS Group reduced their price target on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, July 6th. Five equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average target price of $25.77.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the completion of the sale, the chief executive officer now owns 1,755 shares in the company, valued at $36,223.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
Marvell Technology Group Profile
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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