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

Marvell Technology, Inc. (NASDAQ:MRVL) announced a quarterly dividend on Friday, June 21st, RTT News reports. Investors 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 annualized dividend and a yield of 0.33%.

Marvell Technology has a dividend payout ratio of 9.9% 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 Performance

Shares of MRVL stock opened at $71.89 on Friday. The stock’s fifty day simple moving average is $70.00 and its 200 day simple moving average is $67.87. 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 one year low of $46.07 and a one year high of $85.76.

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

Marvell Technology declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

MRVL has been the subject of several research analyst reports. Evercore ISI lifted their price objective on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Stifel Nicolaus boosted their target price on Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. B. Riley boosted their target price on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. KeyCorp dropped their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Finally, Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the transaction, the chief financial officer now owns 101,986 shares in the company, valued at $7,291,999. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the sale, the executive vice president now directly owns 109,117 shares in the company, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Insiders sold 79,500 shares of company stock valued at $5,504,065 over the last three months. 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.