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

Marvell Technology, Inc. (NASDAQ:MRVL) declared a quarterly dividend on Friday, March 21st, RTT News reports. Investors 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 payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of MRVL traded down $0.10 during trading hours on Friday, hitting $70.39. 11,930,393 shares of the stock were exchanged, compared to its average volume of 12,616,835. The stock’s 50-day moving average price is $99.94 and its two-hundred day moving average price is $93.56. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $60.96 billion, a price-to-earnings ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at $2,791,778. The trade was a 9.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent research reports. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Craig Hallum upped their price target on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Piper Sandler reduced their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Melius Research raised Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Finally, The Goldman Sachs Group raised their target price on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Three research 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $120.44.

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.