Hotchkis & Wiley Capital Management LLC decreased its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 14.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,045,688 shares of the semiconductor company’s stock after selling 531,000 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.61% of Marvell Technology Group worth $50,315,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in shares of Marvell Technology Group by 1,740.4% in the first quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock valued at $122,000 after purchasing an additional 7,536 shares during the period. Creative Planning boosted its position in Marvell Technology Group by 39.8% during the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after acquiring an additional 2,850 shares during the last quarter. United Capital Financial Advisers LLC acquired a new position in Marvell Technology Group during the first quarter worth about $165,000. First Financial Equity Corporation acquired a new position in Marvell Technology Group during the first quarter worth about $237,000. Finally, Chartwell Investment Partners LLC acquired a new position in Marvell Technology Group during the first quarter worth about $255,000. Institutional investors and hedge funds own 76.67% of the company’s stock.
A number of equities analysts recently weighed in on MRVL shares. TheStreet upgraded shares of Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. B. Riley restated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research report on Saturday, May 27th. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Friday, May 26th. MKM Partners restated a “buy” rating and set a $20.00 price target on shares of Marvell Technology Group in a research report on Tuesday, July 4th. Finally, Cowen and Company restated a “buy” rating on shares of Marvell Technology Group in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $18.93.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded up 0.33% during midday trading on Friday, reaching $18.34. 7,434,838 shares of the company traded hands. Marvell Technology Group Ltd. has a 12 month low of $12.30 and a 12 month high of $18.56. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 35.54 and a beta of 1.10. The company’s 50 day moving average is $16.49 and its 200-day moving average is $16.21.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The business had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. During the same quarter in the previous year, the business posted $0.18 EPS. The company’s quarterly revenue was up 16.4% on a year-over-year basis. Equities research analysts forecast that Marvell Technology Group Ltd. will post $1.12 earnings per share for the current fiscal year.
In related news, major shareholder Sehat Sutardja sold 1,375,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $17.84, for a total value of $24,530,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 4,867,343 shares of company stock worth $85,970,548 in the last 90 days. 6.80% of the stock is currently owned by insiders.
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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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