Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) rose 8.2% during trading on Thursday after the company announced a dividend. The company traded as high as $22.09 and last traded at $21.77. Approximately 34,398,145 shares were traded during trading, an increase of 295% from the average daily volume of 8,699,431 shares. The stock had previously closed at $20.12.
The newly announced dividend which will be paid on Tuesday, July 31st. Stockholders of record on Monday, July 9th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.10%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 23.08%.
MRVL has been the topic of a number of research reports. UBS Group initiated coverage on shares of Marvell Technology Group in a research report on Wednesday, April 4th. They set a “buy” rating on the stock. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Tuesday, June 5th. TheStreet upgraded shares of Marvell Technology Group from a “c+” rating to a “b-” rating in a research report on Monday, April 16th. Stifel Nicolaus raised their target price on shares of Marvell Technology Group from $19.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, March 9th. Finally, Cowen raised their target price on shares of Marvell Technology Group from $21.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, March 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-three have assigned a buy rating to the stock. Marvell Technology Group has a consensus rating of “Buy” and an average price target of $25.67.
The stock has a market cap of $9.98 billion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 1.47 and a beta of 1.00.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, May 31st. The semiconductor company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01. The company had revenue of $604.63 million for the quarter, compared to analyst estimates of $601.85 million. Marvell Technology Group had a net margin of 22.24% and a return on equity of 13.84%. The business’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.24 EPS. equities research analysts forecast that Marvell Technology Group Ltd. will post 1.2 earnings per share for the current fiscal year.
In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 3,310 shares of the business’s stock in a transaction on Wednesday, April 18th. The shares were sold at an average price of $22.40, for a total transaction of $74,144.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 4th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,065 shares of company stock worth $738,964 over the last 90 days. Insiders own 0.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Inc. boosted its position in shares of Marvell Technology Group by 516.2% during the 4th quarter. Advisor Group Inc. now owns 4,800 shares of the semiconductor company’s stock worth $103,000 after purchasing an additional 4,021 shares in the last quarter. Delpha Capital Management LLC purchased a new stake in shares of Marvell Technology Group during the 4th quarter worth $112,000. Tower Research Capital LLC TRC boosted its position in shares of Marvell Technology Group by 208.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,482 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 3,704 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Marvell Technology Group by 182.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 7,322 shares of the semiconductor company’s stock worth $157,000 after purchasing an additional 4,734 shares in the last quarter. Finally, American International Group Inc. acquired a new position in shares of Marvell Technology Group during the 4th quarter worth $181,000.
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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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