Marvell Technology (NASDAQ:MRVL) Shares Gap Up After Dividend Announcement

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) gapped up before the market opened on Friday following a dividend announcement from the company. The stock had previously closed at $109.01, but opened at $117.99. Marvell Technology shares last traded at $120.10, with a volume of 7,074,694 shares traded.

The newly announced dividend which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Analysts Set New Price Targets

A number of analysts have recently commented on MRVL shares. Citigroup boosted their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. KeyCorp upped their price objective on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Cantor Fitzgerald raised their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday, December 2nd. Finally, TD Cowen raised their price objective on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.04.

Marvell Technology Price Performance

The stock has a market capitalization of $104.50 billion, a PE ratio of -71.04, a PEG ratio of 3.72 and a beta of 1.46. The firm’s fifty day moving average price is $89.98 and its two-hundred day moving average price is $76.81. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,000 shares of company stock valued at $14,076,540. Company 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. State Street Corp increased its stake in shares of Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the period. Geode Capital Management LLC grew its holdings in Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP increased its position in Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after buying an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after buying an additional 1,570,050 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.