Marvell Technology, Inc. (MRVL) to Issue Quarterly Dividend of $0.06 on July 31st

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) declared a quarterly dividend on Thursday, June 20th, RTT News reports. Stockholders of record on Friday, July 12th will be given a dividend of 0.06 per share by the semiconductor company on Wednesday, July 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 12th.

Marvell Technology has a dividend payout ratio of 10.0% indicating that its dividend is sufficiently covered by earnings. 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 Stock Down 1.4 %

Shares of NASDAQ MRVL opened at $73.84 on Wednesday. The company has a fifty day moving average price of $71.15 and a 200 day moving average price of $69.14. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology has a 1-year low of $46.07 and a 1-year high of $85.76.

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

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Insiders sold 131,000 shares of company stock worth $9,357,740 in the last ninety days. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent research reports. Barclays increased their target price on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. KeyCorp increased their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a report on Wednesday, March 27th. One investment 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 MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $85.24.

Read Our Latest Stock Report on Marvell Technology

Marvell Technology Company Profile

(Get Free Report)

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.

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Dividend History for Marvell Technology (NASDAQ:MRVL)

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