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

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 given 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. 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 Down 0.1 %

Shares of MRVL opened at $70.39 on Friday. The firm has a market capitalization of $60.96 billion, a P/E ratio of -41.41, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. The firm has a fifty day moving average price of $99.06 and a 200-day moving average price of $93.69. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MRVL shares. B. Riley upped their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Craig Hallum lifted their target price on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. TD Cowen cut their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Cantor Fitzgerald upped their price objective on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Benchmark reissued a “buy” rating and set a $135.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Three investment 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’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss acquired 3,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the purchase, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the sale, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by company insiders.

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.