Marvell Technology Group

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Chip designer Marvell Technology Group ( MRVL) isn't getting much attention from buyers - well, neither is any other semiconductor firm, for that matter. Marvell operates in an industry that investors are anxious about, and as a result, shares have been bid down by 43% in the last 12 months. But shares look dramatically oversold at this point, and the price action we've seen in January alone is evidence of that: MRVL has climbed 22% since the first trading session of the new year.

Marvell's bread and butter is supplying control chips to hard drive manufacturers. Data storage has been an in-demand market over the last several years as increased use of memory-intense technologies like HD video recording and cloud computing increase firms' storage needs. Hard drive shortages have helped to propel drive makers dramatically higher in the last year, but Marvell, one of their key suppliers, obviously hasn't gotten the same treatment from investors.

But this stock looks dirt-cheap thanks to its huge cash position. Marvell currently sports $2 billion in cash and investments, a position that's downright massive when you consider the fact that this stock's market capitalization is only $4.75 billion.

While an ongoing patent dispute could eat into that cash balance materially in 2013, this stock is still extremely well capitalized under the worst-case scenario. That could fuel an increase to the 2.7% dividend yield that MRVL currently pays out.

As of the most recently reported quarter, Marvell was one of David Einhorn's Greenlight Capital holdings.

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