Marvell Technology (NASDAQ:MRVL) Trading Up 2.8% After Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was up 2.8% on Monday following a dividend announcement from the company. The company traded as high as $72.45 and last traded at $72.33. Approximately 3,437,206 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 12,570,854 shares. The stock had previously closed at $70.39.

The newly announced dividend which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Craig Hallum boosted their target price on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Morgan Stanley decreased their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. B. Riley boosted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Evercore ISI upped their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Up 3.4 %

The firm’s 50 day simple moving average is $98.21 and its 200-day simple moving average is $93.87. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $63.01 billion, a price-to-earnings ratio of -42.80, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the sale, the chief financial officer now owns 111,211 shares in the company, valued at $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently bought and sold shares of MRVL. Norges Bank bought a new stake in Marvell Technology in the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new stake in Marvell Technology in the 4th quarter valued at $802,410,000. Nuveen Asset Management LLC lifted its holdings in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP boosted its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.