Marvell Technology Group Ltd. (MRVL) to Issue Quarterly Dividend of $0.06
Marvell Technology Group Ltd. (NASDAQ:MRVL) announced a quarterly dividend on Friday, December 8th, RTT News reports. Shareholders of record on Wednesday, December 27th will be paid a dividend of 0.06 per share by the semiconductor company on Tuesday, January 16th. This represents a $0.24 annualized dividend and a yield of 1.09%.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up $0.04 during trading on Friday, reaching $22.04. 6,726,082 shares of the company’s stock traded hands, compared to its average volume of 13,586,472. The company has a market capitalization of $10,806.40, a PE ratio of 23.66, a price-to-earnings-growth ratio of 1.33 and a beta of 1.13. Marvell Technology Group has a 1 year low of $13.83 and a 1 year high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The firm had revenue of $616.00 million for the quarter, compared to analysts’ expectations of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. research analysts anticipate that Marvell Technology Group will post 1.01 earnings per share for the current fiscal year.
Several brokerages have weighed in on MRVL. B. Riley reaffirmed a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, September 1st. BMO Capital Markets upped their price objective on shares of Marvell Technology Group to $25.00 and gave the stock a “market perform” rating in a research note on Monday, November 27th. Jefferies Group set a $19.00 price objective on shares of Marvell Technology Group and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Bank of America raised shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a research note on Monday, November 20th. Finally, Needham & Company LLC increased their price target on shares of Marvell Technology Group from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 29th. Eight equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $23.72.
In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Sehat Sutardja sold 492,343 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $17.41, for a total transaction of $8,571,691.63. The disclosure for this sale can be found here. Insiders sold 16,610,190 shares of company stock worth $304,106,751 over the last 90 days. 6.80% of the stock is currently owned by company insiders.
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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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