Marvell Technology, Inc. (MRVL) to Issue Quarterly Dividend of $0.06 on January 30th

Marvell Technology, Inc. (NASDAQ:MRVL) declared a quarterly dividend on Thursday, December 12th,RTT News reports. Shareholders of record on Friday, January 10th will be given a dividend of 0.06 per share by the semiconductor company on Thursday, January 30th. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date is Friday, January 10th.

Marvell Technology has increased its dividend payment by an average of 10.1% per year over the last three years. Marvell Technology has a payout ratio of 6.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Marvell Technology to earn $1.97 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 12.2%.

Marvell Technology Trading Down 2.3 %

NASDAQ MRVL opened at $116.23 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology has a twelve month low of $53.19 and a twelve month high of $126.15. The firm’s 50 day moving average price is $101.87 and its two-hundred day moving average price is $81.95. The stock has a market cap of $100.57 billion, a price-to-earnings ratio of -68.37, a PEG ratio of 4.03 and a beta of 1.41.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MRVL shares. UBS Group raised their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, January 1st. Morgan Stanley upped their price objective on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Finally, Cantor Fitzgerald increased their target price on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.64.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the transaction, the executive vice president now directly owns 97,244 shares in the company, valued at approximately $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 175,000 shares of company stock worth $14,550,170. Company insiders own 0.33% of the company’s stock.

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.