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

Marvell Technology, Inc. (NASDAQ:MRVL) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Shareholders of record on Friday, October 11th will be paid a dividend of 0.06 per share by the semiconductor company on Thursday, October 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th.

Marvell Technology has a payout ratio of 9.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Marvell Technology to earn $1.75 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 13.7%.

Marvell Technology Trading Down 1.5 %

Shares of MRVL stock opened at $73.40 on Tuesday. The stock has a 50 day simple moving average of $68.23 and a 200 day simple moving average of $69.80. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market cap of $63.54 billion, a P/E ratio of -64.96, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the business posted $0.18 EPS. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, research analysts predict that Marvell Technology will post 0.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MRVL shares. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group increased their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Morgan Stanley boosted their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday. Finally, Oppenheimer reissued an “outperform” rating and set a $90.00 target price (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Transactions at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold 152,500 shares of company stock valued at $11,328,240 in the last 90 days. 0.33% of the stock is currently owned by corporate 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.