Marvell Technology Group Ltd. to Issue Quarterly Dividend of $0.06 (MRVL)
Marvell Technology Group Ltd. (NASDAQ:MRVL) declared a quarterly dividend on Friday, September 22nd, RTT News reports. Shareholders of record on Tuesday, October 10th will be given a dividend of 0.06 per share by the semiconductor company on Thursday, October 26th. This represents a $0.24 dividend on an annualized basis and a yield of 1.34%.
Marvell Technology Group (NASDAQ MRVL) traded down 0.89% on Friday, reaching $17.87. 4,497,266 shares of the company’s stock were exchanged. The stock has a market cap of $8.86 billion, a price-to-earnings ratio of 34.63 and a beta of 1.10. Marvell Technology Group has a one year low of $12.30 and a one year high of $18.67. The firm has a 50 day moving average of $16.65 and a 200-day moving average of $16.25.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). The company had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. Equities research analysts forecast that Marvell Technology Group will post $1.12 EPS for the current fiscal year.
MRVL has been the subject of several research analyst reports. CIBC upgraded shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating in a report on Friday, May 26th. BidaskClub downgraded shares of Marvell Technology Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Jefferies Group LLC reiterated a “hold” rating and set a $18.50 price target (down from $19.00) on shares of Marvell Technology Group in a report on Thursday, August 24th. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Marvell Technology Group in a report on Thursday, August 24th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $16.00 price target on shares of Marvell Technology Group in a report on Monday, August 28th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group currently has a consensus rating of “Buy” and a consensus target price of $19.22.
In other news, major shareholder Sehat Sutardja sold 537,235 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $17.57, for a total transaction of $9,439,218.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 5,419,843 shares of company stock worth $96,208,373 in the last three months. Insiders own 6.80% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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