Marvell Technology Group Ltd. Announces Quarterly Dividend of $0.06 (MRVL)
Marvell Technology Group (NASDAQ:MRVL) announced a quarterly dividend on Friday, February 21st, Analyst Ratings Network reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.06 per share on Thursday, March 27th. This represents a $0.24 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Tuesday, March 11th.
A number of analysts have recently weighed in on MRVL shares. Analysts at Brean Capital raised their price target on shares of Marvell Technology Group from $17.00 to $19.00 in a research note on Friday. On the ratings front, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Marvell Technology Group in a research note on Friday. They now have a $17.00 price target on the stock, up previously from $16.00. Finally, analysts at Susquehanna raised their price target on shares of Marvell Technology Group to $19.00 in a research note on Friday. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $15.04.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 3.26% during mid-day trading on Friday, hitting $15.60. 11,432,526 shares of the company’s stock traded hands. Marvell Technology Group has a one year low of $9.35 and a one year high of $16.15. The stock’s 50-day moving average is $14.99 and its 200-day moving average is $13.. The company has a market cap of $7.674 billion and a P/E ratio of 31.37. Marvell Technology Group also was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 7,439,712 shares, a drop of 24.9% from the January 15th total of 9,900,066 shares. Based on an average daily volume of 5,822,396 shares, the short-interest ratio is currently 1.3 days. Approximately 2.1% of the shares of the stock are short sold.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.25 by $0.04. The company had revenue of $931.70 million for the quarter, compared to the consensus estimate of $901.13 million. On average, analysts predict that Marvell Technology Group will post $1.05 earnings per share for the current fiscal year.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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