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

Marvell Technology, Inc. (NASDAQ:MRVL) announced a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Stockholders 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 dividend payout ratio of 9.6% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

Marvell Technology stock traded down $1.10 during mid-day trading on Monday, hitting $73.38. 4,372,730 shares of the company’s stock traded hands, compared to its average volume of 12,558,241. The firm has a 50 day simple moving average of $68.26 and a two-hundred day simple moving average of $69.79. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock has a market cap of $65.03 billion, a price-to-earnings ratio of -64.61, a P/E/G ratio of 3.29 and a beta of 1.46. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

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

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’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 completion of the sale, 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 is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The disclosure for this sale can be found here. Insiders sold 60,500 shares of company stock worth $4,505,520 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MRVL. Barclays upped their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. B. Riley upped their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Rosenblatt Securities upped their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, Benchmark increased their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

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.