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

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) declared a quarterly dividend on Friday, March 21st, RTT News reports. Stockholders 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 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, April 11th.

Marvell Technology has a dividend payout ratio of 6.5% indicating that 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 Trading Up 3.4 %

MRVL stock traded up $2.37 during trading on Monday, reaching $72.76. 12,172,794 shares of the stock were exchanged, compared to its average volume of 12,604,463. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $63.01 billion, a price-to-earnings ratio of -42.80, a P/E/G ratio of 1.61 and a beta of 1.42. The business has a 50 day moving average price of $99.06 and a 200-day moving average price of $93.85. Marvell Technology has a 1 year low of $53.19 and a 1 year high of $127.48.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the sale, the executive vice president now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by insiders.

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Analyst Ratings Changes

MRVL has been the topic of a number of research analyst reports. Barclays reduced their target price on Marvell Technology from $150.00 to $130.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Needham & Company LLC reduced their price objective on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Susquehanna increased their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a research note on Wednesday, December 4th. Citigroup reduced their price target on shares of Marvell Technology from $136.00 to $122.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Finally, Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $120.44.

About Marvell Technology

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.