Marvell Technology (NASDAQ:MRVL) Shares Up 5.8% After Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price rose 5.8% during trading on Monday after the company announced a dividend. The company traded as high as $71.28 and last traded at $71.07. Approximately 7,329,079 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 14,740,488 shares. The stock had previously closed at $67.19.

The newly announced dividend which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -42.11%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MRVL. Morgan Stanley raised their price objective on Marvell Technology from $70.00 to $73.00 and gave the company an “equal weight” rating in a research report on Friday, May 30th. Benchmark restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, May 30th. Melius Research downgraded Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft cut their price target on Marvell Technology from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, Wells Fargo & Company reduced their price target on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.73.

Marvell Technology Stock Up 5.1%

The company has a market cap of $60.98 billion, a PE ratio of -41.70, a P/E/G ratio of 1.61 and a beta of 1.76. The company’s 50 day moving average is $60.30 and its 200 day moving average is $85.13. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. Marvell Technology’s revenue was up 63.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. As a group, analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares in the company, valued at approximately $7,460,880. This trade represents a 1.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,611 shares of company stock worth $1,465,411. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently modified their holdings of MRVL. Norges Bank acquired a new position in Marvell Technology in the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the 4th quarter valued at $802,410,000. Nuveen Asset Management LLC lifted its stake in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Marvell Technology in the first quarter valued at approximately $399,587,000. Finally, Goldman Sachs Group Inc. increased its position in Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.