Marvell Technology (NASDAQ:MRVL) Sets New 52-Week High After Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL) shares hit a new 52-week high during trading on Monday after the company announced a dividend. The company traded as high as $124.14 and last traded at $124.14, with a volume of 310932 shares traded. The stock had previously closed at $120.77.

The newly announced dividend which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.21%. Marvell Technology’s payout ratio is presently -14.12%.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of recent analyst reports. KeyCorp increased their target price on Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. B. Riley increased their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Loop Capital raised their price objective on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley upped their target price on Marvell Technology from $82.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Finally, Susquehanna lifted their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Trading Down 10.0 %

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 $97.13 billion, a price-to-earnings ratio of -66.03, a PEG ratio of 3.72 and a beta of 1.46. The company has a fifty day moving average price of $91.00 and a two-hundred day moving average price of $77.15.

Insider Buying and Selling at Marvell Technology

In other news, CEO Matthew J. Murphy purchased 13,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were bought at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the completion of the purchase, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,000 shares of company stock worth $14,444,745 in the last ninety days. 0.33% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. grew its stake in shares of Marvell Technology by 41.8% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 11,561 shares of the semiconductor company’s stock worth $808,000 after acquiring an additional 3,410 shares in the last quarter. Dakota Wealth Management increased its holdings in Marvell Technology by 1.9% during the 2nd quarter. Dakota Wealth Management now owns 12,303 shares of the semiconductor company’s stock worth $860,000 after purchasing an additional 229 shares during the period. Atria Wealth Solutions Inc. increased its stake in shares of Marvell Technology by 11.8% during the second quarter. Atria Wealth Solutions Inc. now owns 43,734 shares of the semiconductor company’s stock worth $3,057,000 after buying an additional 4,604 shares during the period. Fifth Third Wealth Advisors LLC increased its position in shares of Marvell Technology by 64.9% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 5,360 shares of the semiconductor company’s stock valued at $375,000 after purchasing an additional 2,110 shares during the last quarter. Finally, &PARTNERS raised its holdings in shares of Marvell Technology by 137.8% in the 2nd quarter. &PARTNERS now owns 14,715 shares of the semiconductor company’s stock valued at $1,029,000 after purchasing an additional 8,526 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other 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.