Marvell Technology Group Ltd. (NASDAQ:MRVL) Expected to Announce Earnings of $0.20 Per Share

Wall Street analysts forecast that Marvell Technology Group Ltd. (NASDAQ:MRVL) will post $0.20 earnings per share for the current quarter, according to Zacks Investment Research. Nine analysts have made estimates for Marvell Technology Group’s earnings, with the lowest EPS estimate coming in at $0.19 and the highest estimate coming in at $0.20. Marvell Technology Group posted earnings of $0.16 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 25%. The business is scheduled to announce its next earnings report on Thursday, September 3rd.

According to Zacks, analysts expect that Marvell Technology Group will report full-year earnings of $0.92 per share for the current financial year, with EPS estimates ranging from $0.88 to $1.00. For the next fiscal year, analysts forecast that the business will report earnings of $1.38 per share, with EPS estimates ranging from $1.17 to $1.62. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.04. The company had revenue of $694.00 million for the quarter, compared to analysts’ expectations of $680.19 million. Marvell Technology Group had a net margin of 55.66% and a return on equity of 2.82%. Marvell Technology Group’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 EPS.

A number of research firms recently issued reports on MRVL. Citigroup boosted their price objective on Marvell Technology Group from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Susquehanna Bancshares restated a “buy” rating and set a $36.00 price objective on shares of Marvell Technology Group in a research report on Friday, May 29th. Craig Hallum cut their target price on shares of Marvell Technology Group from $37.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, May 29th. BMO Capital Markets lowered their price target on Marvell Technology Group to $25.00 and set a “market perform” rating on the stock in a research report on Monday, March 2nd. Finally, Cfra upped their price objective on Marvell Technology Group from $27.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, May 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $32.31.

MRVL stock traded up $0.39 during midday trading on Wednesday, reaching $33.62. 277,670 shares of the company’s stock traded hands, compared to its average volume of 9,592,612. The firm has a market capitalization of $22.11 billion, a PE ratio of 15.00, a price-to-earnings-growth ratio of 11.68 and a beta of 1.08. The company has a 50-day moving average price of $31.54 and a two-hundred day moving average price of $26.38. Marvell Technology Group has a 52 week low of $16.45 and a 52 week high of $36.92. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.75 and a current ratio of 2.14.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Monday, July 13th will be paid a $0.06 dividend. The ex-dividend date is Friday, July 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.71%. Marvell Technology Group’s payout ratio is 75.00%.

In other news, EVP Mitchell Gaynor sold 30,000 shares of Marvell Technology Group stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.09, for a total value of $1,052,700.00. Also, COO Andrew Micallef sold 10,000 shares of the company’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $24.50, for a total transaction of $245,000.00. Following the completion of the transaction, the chief operating officer now owns 79,899 shares in the company, valued at approximately $1,957,525.50. The disclosure for this sale can be found here. Insiders have sold 106,730 shares of company stock worth $3,203,349 in the last three months. 0.29% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of Marvell Technology Group by 2.2% during the fourth quarter. Principal Financial Group Inc. now owns 60,431 shares of the semiconductor company’s stock valued at $1,605,000 after acquiring an additional 1,279 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Marvell Technology Group by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 6,109,094 shares of the semiconductor company’s stock valued at $162,258,000 after buying an additional 264,495 shares during the last quarter. Sowell Financial Services LLC raised its position in Marvell Technology Group by 1,279.5% in the fourth quarter. Sowell Financial Services LLC now owns 1,214 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 1,126 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Marvell Technology Group by 86.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,054 shares of the semiconductor company’s stock worth $399,000 after acquiring an additional 6,979 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Marvell Technology Group by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,830,027 shares of the semiconductor company’s stock valued at $48,606,000 after acquiring an additional 12,961 shares during the period. Hedge funds and other institutional investors own 91.18% of the company’s stock.

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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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