Marvell Technology Group Ltd. (MRVL) To Go Ex-Dividend on December 2nd
Marvell Technology Group Ltd. (NASDAQ:MRVL) announced a quarterly dividend on Thursday, November 17th. Investors of record on Tuesday, December 6th will be given a dividend of 0.06 per share on Wednesday, December 28th. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, December 2nd.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 14.66 on Friday. The company has a 50 day moving average of $13.24 and a 200 day moving average of $11.67. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $15.00. The company has a market cap of $7.49 billion, a PE ratio of 71.17 and a beta of 1.12.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, November 17th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. Marvell Technology Group had a net margin of 4.33% and a return on equity of 3.28%. The business had revenue of $654 million for the quarter, compared to analyst estimates of $615.66 million. During the same period last year, the business posted $0.05 earnings per share. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts expect that Marvell Technology Group will post $0.45 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of the stock. Piedmont Investment Advisors LLC purchased a new stake in Marvell Technology Group during the third quarter worth approximately $485,000. Xact Kapitalforvaltning AB purchased a new stake in Marvell Technology Group during the third quarter worth approximately $722,000. The Manufacturers Life Insurance Company purchased a new stake in Marvell Technology Group during the third quarter worth approximately $233,000. Freshford Capital Management LLC purchased a new stake in Marvell Technology Group during the second quarter worth approximately $1,839,000. Finally, Arizona State Retirement System raised its stake in 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 in the last quarter. 68.13% of the stock is currently owned by institutional investors.
Several brokerages have issued reports on MRVL. Benchmark Co. set a $12.00 price target on shares of Marvell Technology Group and gave the company a “hold” rating in a research note on Sunday, November 6th. B. Riley reiterated a “buy” rating and issued a $16.00 price target on shares of Marvell Technology Group in a research note on Saturday, July 30th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $14.00.
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Marvell Technology Group Company Profile
Marvell Technology Group Ltd. is a fabless 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) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.
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