Marvell Technology (NASDAQ:MRVL) Trading Up 5.8% After Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 5.8% during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $71.28 and last traded at $71.07. 7,329,079 shares were traded during mid-day trading, a decline of 50% from the average session volume of 14,740,488 shares. The stock had previously closed at $67.19.The newly announced dividend which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology's payout ratio is -42.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MRVL shares. Susquehanna cut their target price on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research note on Tuesday, May 27th. Rosenblatt Securities restated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Friday, May 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Redburn Atlantic assumed coverage on shares of Marvell Technology in a research note on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price on the stock. Finally, Bank of America lowered their target price on Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Price Performance

The firm has a 50 day moving average price of $60.30 and a two-hundred day moving average price of $85.13. The company has a market cap of $60.98 billion, a P/E ratio of -41.70, a P/E/G ratio of 1.61 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. On average, analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,239 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total transaction of $80,547.39. Following the transaction, the chief accounting officer now directly owns 30,855 shares in the company, valued at $2,005,883.55. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 24,611 shares of company stock valued at $1,465,411 in the last quarter. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently added to or reduced their stakes in the business. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter valued at about $27,000. Lee Danner & Bass Inc. bought a new position in shares of Marvell Technology during the fourth quarter valued at about $35,000. Capital Analysts LLC boosted its holdings in shares of Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 241 shares during the period. Finally, Sierra Ocean LLC bought a new position in Marvell Technology during the 4th quarter valued at approximately $44,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

About Marvell Technology

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.

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