Marvell Technology (NASDAQ:MRVL) Shares Up 2.8% Following Dividend Announcement

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were up 2.8% during 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. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Melius started coverage on Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price objective on the stock. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Morgan Stanley cut 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 report on Thursday, March 6th. Evercore ISI boosted their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Finally, Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Price Performance

The company has a market cap of $62.07 billion, a price-to-earnings ratio of -42.16, a P/E/G ratio of 1.61 and a beta of 1.42. The company’s 50-day simple moving average is $97.34 and its 200-day simple moving average is $93.91. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at $13,159,597.63. This represents a 1.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology 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 completion of the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently made changes to their positions 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 shares of Marvell Technology in the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC grew its position in Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after acquiring 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.