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.
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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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