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

Marvell Technology, Inc. (NASDAQ:MRVL) traded 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. 3,437,206 shares were traded during trading, a decline of 73% from the average session 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 given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio is -23.53%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 6th. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Thursday, March 6th. KeyCorp reduced their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Susquehanna boosted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald increased their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Up 3.4 %

The company has a market cap of $63.01 billion, a P/E ratio of -42.80, a PEG ratio of 1.61 and a beta of 1.42. 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 business’s 50 day moving average price is $98.21 and its 200-day moving average price is $93.87.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Intrepid Financial Planning Group LLC raised its holdings in Marvell Technology by 0.3% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after purchasing an additional 90 shares during the last quarter. PDS Planning Inc grew its position in shares of Marvell Technology by 3.3% during the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after buying an additional 92 shares during the period. Lodestone Wealth Management LLC raised its stake in shares of Marvell Technology by 2.0% during the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after buying an additional 93 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in Marvell Technology by 0.4% in the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock valued at $2,775,000 after buying an additional 96 shares during the period. Finally, Private Trust Co. NA boosted its stake in Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after acquiring an additional 97 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

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.