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

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 2.8% during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $72.45 and last traded at $72.33. Approximately 3,437,206 shares traded hands 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. Investors of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is presently -23.53%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MRVL shares. Morgan Stanley decreased their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Needham & Company LLC reduced their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Piper Sandler reduced their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Finally, Stifel Nicolaus reduced their target price on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three equities research 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Price Performance

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 company’s 50-day simple moving average is $99.06 and its 200-day simple moving average is $93.85. The company has a market cap of $62.64 billion, a price-to-earnings ratio of -42.55, a P/E/G ratio of 1.61 and a beta of 1.42.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares in the company, valued at $2,791,778. This trade represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock valued at $4,026,768 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Marvell Technology in the fourth quarter worth $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology in the fourth quarter worth $802,410,000. Nuveen Asset Management LLC increased its position in Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after buying an additional 6,543,132 shares during the period. Wellington Management Group LLP increased its position in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. increased its position in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the period. 83.51% of the stock is currently 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.