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

Marvell Technology, Inc. (NASDAQ:MRVL) announced a quarterly dividend on Thursday, June 20th, RTT News reports. Investors 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 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Friday, July 12th.

Marvell Technology has a payout ratio of 10.0% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of MRVL stock opened at $74.88 on Thursday. Marvell Technology has a 12 month low of $46.07 and a 12 month high of $85.76. The company has a market capitalization of $64.82 billion, a P/E ratio of -66.27, a P/E/G ratio of 3.55 and a beta of 1.47. The stock has a 50 day moving average of $71.37 and a two-hundred day moving average of $69.18. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

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

Insiders Place Their Bets

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the transaction, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at $49,312,626.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Over the last three months, insiders have sold 131,000 shares of company stock worth $9,357,740. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 target price for the company. Barclays lifted their price objective on Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, May 31st. B. Riley upped their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Citigroup restated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, Morgan Stanley lifted their target price on shares of Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $85.24.

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.