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

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) declared a quarterly dividend on Thursday, June 20th, RTT News reports. Shareholders 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%. The ex-dividend date of this dividend is Friday, July 12th.

Marvell Technology has a dividend payout ratio of 10.0% meaning 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 Trading Down 1.4 %

Shares of MRVL stock opened at $73.84 on Wednesday. Marvell Technology has a 52-week low of $46.07 and a 52-week high of $85.76. The business’s fifty day moving average is $71.15 and its 200 day moving average is $69.14. 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:MRVLGet Free Report) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the firm posted $0.17 EPS. The company’s revenue was down 12.2% compared to the same quarter last year. Equities research analysts forecast that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

MRVL has been the topic of a number of research analyst reports. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Morgan Stanley upped their price objective on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. Jefferies Financial Group assumed coverage on Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.24.

Check Out Our Latest Stock Analysis on MRVL

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was 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 owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the transaction, the executive vice president now owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 131,000 shares of company stock valued at $9,357,740. Company insiders own 0.33% of the company’s stock.

About Marvell Technology

(Get Free Report)

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.

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Dividend History for Marvell Technology (NASDAQ:MRVL)

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