Marvell Technology Group Ltd. (NASDAQ:MRVL) declared a quarterly dividend on Wednesday, September 14th. Stockholders of record on Wednesday, September 28th will be given a dividend of 0.06 per share on Wednesday, October 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, September 26th.

Hedge funds have recently modified their holdings of the stock. Prudential Financial Inc. boosted its stake in shares of Marvell Technology Group by 6.7% in the second quarter. Prudential Financial Inc. now owns 31,740 shares of the company’s stock worth $302,000 after buying an additional 2,000 shares during the period. Arizona State Retirement System boosted its stake in shares of Marvell Technology Group by 6.0% in the second quarter. Arizona State Retirement System now owns 45,600 shares of the company’s stock worth $435,000 after buying an additional 2,600 shares during the period. BlackRock Japan Co. Ltd boosted its stake in shares of Marvell Technology Group by 0.7% in the second quarter. BlackRock Japan Co. Ltd now owns 500,668 shares of the company’s stock worth $4,771,000 after buying an additional 3,458 shares during the period. ProShare Advisors LLC boosted its stake in shares of Marvell Technology Group by 20.2% in the second quarter. ProShare Advisors LLC now owns 32,515 shares of the company’s stock worth $310,000 after buying an additional 5,458 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Marvell Technology Group by 1.7% in the second quarter. Rhumbline Advisers now owns 362,423 shares of the company’s stock worth $3,454,000 after buying an additional 5,999 shares during the period. 71.47% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently issued reports on MRVL. B. Riley restated a “buy” rating and issued a $16.00 price target on shares of Marvell Technology Group in a research report on Saturday, July 30th. Deutsche Bank AG restated a “hold” rating and issued a $13.00 price target (up from $12.00) on shares of Marvell Technology Group in a research report on Wednesday, July 20th. Three investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $12.37.

Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 12.59 on Wednesday. The firm’s market cap is $6.44 billion. The company has a 50 day moving average price of $12.12 and a 200-day moving average price of $10.66. Marvell Technology Group has a 52-week low of $7.40 and a 52-week high of $13.06.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.07. The business earned $626 million during the quarter, compared to the consensus estimate of $629.96 million. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. Marvell Technology Group’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. On average, analysts expect that Marvell Technology Group will post $0.44 earnings per share for the current fiscal year.

Marvell Technology Group Company Profile

Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.

5 Day Chart for NASDAQ:MRVL

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