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

Marvell Technology, Inc. (NASDAQ:MRVL) declared a quarterly dividend on Thursday, June 20th, RTT News reports. Shareholders of record on Friday, July 12th will be paid a dividend of 0.06 per share by the semiconductor company on Wednesday, July 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Friday, July 12th.

Marvell Technology has a payout ratio of 10.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Marvell Technology to earn $1.72 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 14.0%.

Marvell Technology Trading Up 1.4 %

Shares of MRVL opened at $74.88 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The firm has a 50 day moving average price of $71.37 and a 200-day moving average price of $69.18. The firm has a market cap of $64.82 billion, a price-to-earnings ratio of -66.27, a PEG ratio of 3.55 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the firm posted $0.17 earnings per share. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. As a group, equities research analysts forecast that Marvell Technology will post 0.75 earnings per share for the current year.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology 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 sale, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold a total of 131,000 shares of company stock worth $9,357,740 over the last 90 days. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price target on Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Oppenheimer reiterated an “outperform” rating and set a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Jefferies Financial Group assumed coverage on shares of Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 price target on the stock. KeyCorp boosted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.24.

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.