Marvell Technology Group Ltd. Declares Quarterly Dividend of $0.06 (MRVL)
Marvell Technology Group (NASDAQ:MRVL) declared a quarterly dividend on Thursday, August 21st, AR Network reports. Stockholders of record on Thursday, September 11th will be given a dividend of 0.06 per share on Thursday, October 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.76%.
MRVL has been the subject of a number of recent research reports. Analysts at MKM Partners cut their price target on shares of Marvell Technology Group from $19.00 to $17.00 in a research note on Monday. They now have a “buy” rating on the stock. On a related note, analysts at Standpoint Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 14th. They now have a $17.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Marvell Technology Group from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 23rd. They now have a $17.10 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $16.65.
Marvell Technology Group (NASDAQ:MRVL) traded up 0.74% during mid-day trading on Thursday, hitting $13.64. The stock had a trading volume of 7,914,452 shares. Marvell Technology Group has a 52 week low of $10.87 and a 52 week high of $16.65. The stock’s 50-day moving average is $13.72 and its 200-day moving average is $14.98. The company has a market cap of $6.932 billion and a price-to-earnings ratio of 19.04. Marvell Technology Group also saw some unusual options trading activity on Thursday. Stock traders bought 3,157 put options on the stock. This represents an increase of approximately 232% compared to the average volume of 950 put options.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, August 21st. The company reported $0.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.28 by $0.06. The company had revenue of $961.50 million for the quarter, compared to the consensus estimate of $961.56 million. During the same quarter last year, the company posted $0.23 earnings per share. Marvell Technology Group’s revenue was up 19.2% compared to the same quarter last year. On average, analysts predict that Marvell Technology Group will post $1.15 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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