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

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

Marvell Technology has a dividend payout ratio of 9.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Marvell Technology stock opened at $73.40 on Tuesday. The stock has a market cap of $63.54 billion, a P/E ratio of -64.96, a P/E/G ratio of 3.29 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average price is $68.23 and its two-hundred day moving average price is $69.80. Marvell Technology has a 52 week low of $46.07 and a 52 week high of $85.76.

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

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at approximately $8,076,413.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares in the company, valued at approximately $8,076,413.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel Durn purchased 1,425 shares of Marvell Technology stock in a transaction that occurred on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the transaction, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders have sold 152,500 shares of company stock worth $11,328,240 in the last quarter. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Benchmark boosted their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Rosenblatt Securities increased their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

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.