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

Marvell Technology, Inc. (NASDAQ:MRVL) announced a quarterly dividend on Friday, December 13th,RTT News reports. Stockholders 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 dividend yield of 0.20%.

Marvell Technology has a payout ratio of 8.8% indicating that its dividend is sufficiently covered by earnings. 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 Up 10.8 %

Shares of MRVL opened at $120.77 on Friday. Marvell Technology has a 12 month low of $53.19 and a 12 month high of $121.86. The stock’s 50-day moving average is $89.98 and its two-hundred day moving average is $76.82. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock has a market cap of $104.50 billion, a PE ratio of -71.04, a P/E/G ratio of 3.72 and a beta of 1.46.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,000 shares of company stock worth $14,076,540 in the last three months. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on MRVL shares. Rosenblatt Securities upped their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised their target price on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Stifel Nicolaus restated a “buy” rating and set a $125.00 price objective (up previously from $114.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Bank of America upped their price objective on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Citigroup lifted their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.04.

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.