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

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was up 2.8% on Monday after the company announced a dividend. The stock traded as high as $72.45 and last traded at $72.33. Approximately 3,437,206 shares were traded during 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. Stockholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Analyst Ratings Changes

A number of research analysts have recently commented on MRVL shares. Melius started coverage on Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. Bank of America lowered their price target on Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. KeyCorp lowered their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Needham & Company LLC decreased their price target on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Finally, Raymond James set a $110.00 price target on Marvell Technology in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Up 2.8 %

The company has a fifty day moving average price of $99.06 and a 200-day moving average price of $93.85. 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 firm has a market capitalization of $62.64 billion, a price-to-earnings ratio of -42.55, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a 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 that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,685 shares of company stock valued at $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MRVL. Mascagni Wealth Management Inc. acquired a new stake in shares of Marvell Technology during the 4th quarter worth approximately $131,000. 111 Capital acquired a new stake in shares of Marvell Technology during the 4th quarter worth approximately $2,770,000. Thoma Capital Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth approximately $883,000. Keystone Financial Services LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth approximately $224,000. Finally, Castle Rock Wealth Management LLC grew its holdings in shares of Marvell Technology by 165.8% during the 4th quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company’s stock worth $1,734,000 after purchasing an additional 10,157 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

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.