Silicon Motion Technology (NASDAQ:SIMO) Sees Strong Trading Volume

Silicon Motion Technology Co. (NASDAQ:SIMO) shares saw unusually-high trading volume on Monday . Approximately 187,250 shares were traded during mid-day trading, a decline of 56% from the previous session’s volume of 426,451 shares.The stock last traded at $84.60 and had previously closed at $82.71.

Analyst Ratings Changes

SIMO has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a report on Monday, May 6th. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Wedbush restated an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a report on Friday, May 3rd. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $59.00 to $88.00 in a report on Monday, May 6th. Finally, Susquehanna lifted their target price on Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a report on Monday, May 6th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $91.13.

Silicon Motion Technology Price Performance

The firm has a market cap of $2.86 billion, a PE ratio of 48.23, a P/E/G ratio of 0.79 and a beta of 0.89. The business has a fifty day moving average price of $77.40 and a two-hundred day moving average price of $70.85.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The business had revenue of $189.31 million for the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. As a group, sell-side analysts forecast that Silicon Motion Technology Co. will post 2.77 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.36%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC boosted its position in Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after purchasing an additional 333 shares during the last quarter. CVA Family Office LLC acquired a new stake in Silicon Motion Technology during the fourth quarter valued at $65,000. Assetmark Inc. boosted its position in Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after purchasing an additional 342 shares during the last quarter. Covestor Ltd boosted its position in Silicon Motion Technology by 76.9% during the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after purchasing an additional 777 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Silicon Motion Technology in the first quarter worth about $150,000. Institutional investors and hedge funds 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.