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

Marvell Technology Group Ltd. (NASDAQ:MRVL) announced a quarterly dividend on Friday, December 6th, RTT News reports. Investors of record on Thursday, December 26th will be given a dividend of 0.06 per share by the semiconductor company on Thursday, January 16th. This represents a $0.24 annualized dividend and a yield of 0.99%.

MRVL stock traded up $0.30 during midday trading on Friday, reaching $24.22. The company had a trading volume of 6,621,969 shares, compared to its average volume of 10,074,716. The firm has a market capitalization of $16.02 billion, a PE ratio of 28.49, a P/E/G ratio of 12.69 and a beta of 1.19. The stock has a 50 day moving average price of $25.66 and a 200 day moving average price of $24.74. Marvell Technology Group has a fifty-two week low of $14.34 and a fifty-two week high of $28.38. The company has a quick ratio of 2.68, a current ratio of 3.06 and a debt-to-equity ratio of 0.23.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Marvell Technology Group had a positive return on equity of 5.25% and a negative net margin of 14.42%. The business had revenue of $662.00 million for the quarter, compared to the consensus estimate of $660.94 million. During the same quarter last year, the business posted $0.33 EPS. The business’s revenue was down 22.2% on a year-over-year basis. Research analysts predict that Marvell Technology Group will post 0.34 EPS for the current year.

In other Marvell Technology Group news, CFO Jean X. Hu sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $26.86, for a total value of $268,600.00. Also, EVP Mitchell Gaynor sold 35,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $26.07, for a total transaction of $912,450.00. Following the completion of the sale, the executive vice president now owns 51,104 shares in the company, valued at $1,332,281.28. The disclosure for this sale can be found here. Insiders sold 315,933 shares of company stock valued at $8,334,532 over the last 90 days. 1.10% of the stock is currently owned by insiders.

Several brokerages have weighed in on MRVL. William Blair reaffirmed an “outperform” rating on shares of Marvell Technology Group in a research report on Wednesday. Citigroup lowered shares of Marvell Technology Group to a “buy” rating and set a $29.00 price target for the company. in a research report on Friday, August 30th. BMO Capital Markets lowered shares of Marvell Technology Group from an “outperform” rating to a “market perform” rating and set a $28.00 price target for the company. in a research report on Wednesday. TheStreet cut shares of Marvell Technology Group from a “b-” rating to a “c+” rating in a report on Wednesday, September 4th. Finally, B. Riley began coverage on shares of Marvell Technology Group in a research report on Wednesday. They issued a “buy” rating and a $32.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $28.12.

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 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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