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.
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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