Marvell Technology Group (MRVL) Authorizes Stock Repurchase Program

Share on StockTwits

Marvell Technology Group (NASDAQ:MRVL) declared that its Board of Directors has authorized a stock buyback program, which allows the company to buyback $1.00 billion in outstanding shares on Tuesday, October 16th. This buyback authorization allows the semiconductor company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

MRVL stock traded down $0.32 during mid-day trading on Friday, hitting $16.39. The company had a trading volume of 8,853,402 shares, compared to its average volume of 12,931,633. The stock has a market cap of $11.11 billion, a P/E ratio of 15.76, a PEG ratio of 2.02 and a beta of 1.09. Marvell Technology Group has a 12-month low of $15.31 and a 12-month high of $25.18. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25.

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

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.46%. The ex-dividend date was Monday, October 1st. Marvell Technology Group’s payout ratio is currently 23.08%.

Several research analysts have recently weighed in on the stock. BidaskClub upgraded shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Stifel Nicolaus upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Friday, October 12th. BMO Capital Markets restated a “hold” rating and set a $24.00 target price on shares of Marvell Technology Group in a research note on Friday, September 7th. TheStreet cut shares of Marvell Technology Group from a “b” rating to a “c+” rating in a research note on Friday, October 26th. Finally, Goldman Sachs Group set a $23.00 target price on shares of Marvell Technology Group and gave the company a “buy” rating in a research note on Wednesday, October 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $25.56.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 1,755 shares in the company, valued at approximately $36,223.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.10% of the stock is owned by insiders.

TRADEMARK VIOLATION NOTICE: “Marvell Technology Group (MRVL) Authorizes Stock Repurchase Program” was published by Equities Focus and is owned by of Equities Focus. If you are viewing this story on another website, it was illegally copied and republished in violation of US & international copyright and trademark laws. The original version of this story can be read at

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.

See Also: Penny Stocks, What You Need To Know

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with's FREE daily email newsletter.

Leave a Reply