Marvell Technology Group Ltd. (NASDAQ:MRVL) declared a quarterly dividend on Friday, September 14th, RTT News reports. Investors of record on Tuesday, October 2nd will be paid a dividend of 0.06 per share by the semiconductor company on Tuesday, October 23rd. This represents a $0.24 dividend on an annualized basis and a yield of 1.29%.
Marvell Technology Group has decreased its dividend by an average of 9.1% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Marvell Technology Group has a dividend payout ratio of 20.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Marvell Technology Group to earn $1.18 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 20.3%.
Shares of Marvell Technology Group stock opened at $18.54 on Friday. Marvell Technology Group has a twelve month low of $17.49 and a twelve month high of $25.18. The firm has a market capitalization of $9.19 billion, a P/E ratio of 17.83, a PEG ratio of 1.73 and a beta of 0.91.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 12.95%. The firm had revenue of $665.31 million during the quarter, compared to analyst estimates of $685.00 million. During the same quarter in the previous year, the business posted $0.30 EPS. Marvell Technology Group’s revenue was up 10.1% compared to the same quarter last year. equities analysts forecast that Marvell Technology Group will post 0.86 EPS for the current fiscal year.
A number of research analysts recently weighed in on the company. BidaskClub cut Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Friday, June 8th. Zacks Investment Research upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Tuesday, June 5th. Argus restated a “buy” rating and set a $28.00 price objective on shares of Marvell Technology Group in a research note on Friday, June 29th. ValuEngine upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 28th. Finally, UBS Group reduced their price objective on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, July 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. Marvell Technology Group has a consensus rating of “Buy” and a consensus target price of $26.10.
In other news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $21.15, for a total transaction of $211,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 30,000 shares of company stock worth $631,200. Corporate insiders own 0.10% 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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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