Marvell Technology, Inc. (NASDAQ:MRVL) Announces Quarterly Dividend of $0.06

Marvell Technology, Inc. (NASDAQ:MRVL) announced a quarterly dividend on Friday, March 21st, RTT News reports. Shareholders of record on Friday, April 11th will be paid a dividend of 0.06 per share by the semiconductor company on Thursday, May 1st. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%.

Marvell Technology has a dividend payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Marvell Technology to earn $2.00 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 12.0%.

Marvell Technology Stock Performance

Shares of MRVL traded down $0.10 during mid-day trading on Friday, reaching $70.39. 11,930,393 shares of the company’s stock were exchanged, compared to its average volume of 12,616,835. The business’s fifty day simple moving average is $99.94 and its 200-day simple moving average is $93.56. The stock has a market capitalization of $60.96 billion, a PE ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology has a 52-week low of $53.19 and a 52-week high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Analyst Ratings Changes

MRVL has been the topic of several research reports. Rosenblatt Securities reissued a “buy” rating and set a $140.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a report on Thursday, March 6th. Morgan Stanley reduced their price objective on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Insider Activity

In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares in the company, valued at $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.