Marvell Technology Group Ltd. (NASDAQ:MRVL) announced a quarterly dividend on Wednesday, September 14th. Shareholders of record on Wednesday, September 28th will be paid a dividend of 0.06 per share on Wednesday, October 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Monday, September 26th.

Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 12.59 on Wednesday. Marvell Technology Group has a 52 week low of $7.40 and a 52 week high of $13.06. The stock’s market cap is $6.44 billion. The stock’s 50 day moving average is $12.12 and its 200 day moving average is $10.66.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.07. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The company had revenue of $626 million for the quarter, compared to analysts’ expectations of $629.96 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. Marvell Technology Group’s quarterly revenue was down 11.8% on a year-over-year basis. On average, equities analysts forecast that Marvell Technology Group will post $0.44 EPS for the current year.

Several institutional investors have recently made changes to their positions in MRVL. Gideon Capital Advisors Inc. bought a new position in shares of Marvell Technology Group during the second quarter valued at about $233,000. Prudential Financial Inc. raised its stake in Marvell Technology Group by 6.7% in the second quarter. Prudential Financial Inc. now owns 31,740 shares of the company’s stock valued at $302,000 after buying an additional 2,000 shares during the last quarter. ProShare Advisors LLC raised its stake in Marvell Technology Group by 20.2% in the second quarter. ProShare Advisors LLC now owns 32,515 shares of the company’s stock valued at $310,000 after buying an additional 5,458 shares during the last quarter. GAM Holding AG raised its stake in Marvell Technology Group by 31.6% in the second quarter. GAM Holding AG now owns 41,173 shares of the company’s stock valued at $392,000 after buying an additional 9,896 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Marvell Technology Group by 551.2% in the second quarter. Pacer Advisors Inc. now owns 43,801 shares of the company’s stock valued at $417,000 after buying an additional 37,075 shares during the last quarter. Institutional investors own 71.47% of the company’s stock.

A number of analysts have commented on the stock. B. Riley reaffirmed a “buy” rating and set a $15.00 price target on shares of Marvell Technology Group in a research report on Sunday, June 26th. Susquehanna assumed coverage on shares of Marvell Technology Group in a research report on Tuesday. They set a “neutral” rating and a $13.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $12.37.

About Marvell Technology Group

Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.

5 Day Chart for NASDAQ:MRVL

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