Marvell Technology Group Ltd. (NASDAQ:MRVL) Declares $0.06 Quarterly Dividend

Marvell Technology Group Ltd. (NASDAQ:MRVL) announced a quarterly dividend on Monday, July 1st, RTT News reports. Investors of record on Friday, July 12th will be paid a dividend of 0.06 per share by the semiconductor company on Wednesday, July 31st. This represents a $0.24 annualized dividend and a yield of 0.98%. The ex-dividend date is Thursday, July 11th.

Marvell Technology Group has raised its dividend payment by an average of 10.1% annually over the last three years and has increased its dividend every year for the last 3 years. Marvell Technology Group has a payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Marvell Technology Group to earn $0.95 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 25.3%.

Shares of NASDAQ MRVL opened at $24.56 on Wednesday. The stock has a market cap of $16.07 billion, a price-to-earnings ratio of 28.89, a PEG ratio of 7.63 and a beta of 1.17. The business has a fifty day moving average of $23.51. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 2.07. Marvell Technology Group has a one year low of $14.34 and a one year high of $25.74.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.02. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. The company had revenue of $662.00 million for the quarter, compared to analysts’ expectations of $651.07 million. During the same quarter in the previous year, the company posted $0.32 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, research analysts predict that Marvell Technology Group will post 0.44 EPS for the current fiscal year.

Several equities research analysts have issued reports on the stock. TheStreet raised shares of Marvell Technology Group from a “c+” rating to a “b-” rating in a research note on Wednesday, July 3rd. Zacks Investment Research cut shares of Marvell Technology Group from a “hold” rating to a “sell” rating and set a $24.00 target price on the stock. in a research note on Tuesday, June 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 target price on shares of Marvell Technology Group in a research note on Sunday, June 2nd. BidaskClub cut shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Finally, Raymond James assumed coverage on shares of Marvell Technology Group in a research note on Wednesday, June 19th. They set a “market perform” rating and a $24.55 target price on the stock. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Marvell Technology Group presently has an average rating of “Buy” and an average target price of $25.89.

In related news, CAO Willem A. Meintjes sold 28,057 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $24.32, for a total value of $682,346.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mitchell Gaynor sold 10,000 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the sale, the executive vice president now owns 25,576 shares in the company, valued at $604,616.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,057 shares of company stock worth $1,640,746. Corporate insiders own 1.10% of the company’s stock.

Marvell Technology Group Company Profile

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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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Dividend History for Marvell Technology Group (NASDAQ:MRVL)

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