Silicon Motion Technology Co. (NASDAQ:SIMO) Given Average Recommendation of “Buy” by Analysts

Silicon Motion Technology Co. (NASDAQ:SIMO) has been given a consensus recommendation of “Buy” by the eight brokerages that are presently covering the firm, Marketbeat reports. Eight equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $91.13.

Several research firms have issued reports on SIMO. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $59.00 to $88.00 in a research report on Monday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Monday, May 6th. Wedbush reiterated an “outperform” rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Craig Hallum lifted their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Susquehanna upped their price objective on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research note on Monday, May 6th.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $83.28 on Tuesday. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $95.33. The stock has a market capitalization of $2.80 billion, a PE ratio of 47.32, a price-to-earnings-growth ratio of 0.78 and a beta of 0.89. The firm has a 50 day simple moving average of $77.31 and a 200-day simple moving average of $70.67.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. The firm had revenue of $189.31 million for the quarter, compared to analyst estimates of $180.23 million. On average, analysts forecast that Silicon Motion Technology will post 2.77 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were paid a $0.50 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.40%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. New York State Common Retirement Fund bought a new stake in Silicon Motion Technology in the third quarter valued at about $837,000. FMR LLC raised its holdings in shares of Silicon Motion Technology by 58.7% in the 3rd quarter. FMR LLC now owns 161,961 shares of the semiconductor producer’s stock worth $8,301,000 after buying an additional 59,876 shares in the last quarter. Wolverine Asset Management LLC lifted its position in shares of Silicon Motion Technology by 1,499.5% during the 3rd quarter. Wolverine Asset Management LLC now owns 3,199 shares of the semiconductor producer’s stock worth $164,000 after buying an additional 2,999 shares during the period. Invesco Ltd. acquired a new stake in Silicon Motion Technology in the 3rd quarter valued at $32,024,000. Finally, Acadian Asset Management LLC grew its position in Silicon Motion Technology by 829.5% in the third quarter. Acadian Asset Management LLC now owns 187,709 shares of the semiconductor producer’s stock valued at $9,611,000 after acquiring an additional 167,514 shares during the period. Institutional investors own 78.02% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.