Silicon Motion Technology Co. to Post Q3 2024 Earnings of $0.68 Per Share, B. Riley Forecasts (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – Analysts at B. Riley increased their Q3 2024 earnings estimates for shares of Silicon Motion Technology in a research report issued to clients and investors on Tuesday, October 8th. B. Riley analyst C. Ellis now anticipates that the semiconductor producer will earn $0.68 per share for the quarter, up from their previous forecast of $0.56. B. Riley currently has a “Buy” rating and a $95.00 target price on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.80 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $2.88 EPS, Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $1.03 EPS, Q4 2025 earnings at $1.06 EPS, FY2025 earnings at $3.48 EPS, Q1 2026 earnings at $0.96 EPS, Q2 2026 earnings at $1.15 EPS and FY2026 earnings at $5.01 EPS.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. Silicon Motion Technology’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share.

Several other research firms have also commented on SIMO. Wedbush reiterated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Morgan Stanley dropped their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $90.00 to $60.00 in a report on Friday, August 16th. Roth Mkm dropped their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday. Finally, StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.11.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $59.93 on Friday. Silicon Motion Technology has a one year low of $51.85 and a one year high of $85.87. The firm has a fifty day moving average of $60.28 and a 200 day moving average of $71.62. The firm has a market cap of $2.02 billion, a PE ratio of 34.05, a PEG ratio of 0.96 and a beta of 0.83.

Institutional Trading of Silicon Motion Technology

A number of large investors have recently modified their holdings of SIMO. Reinhart Partners LLC. grew its stake in Silicon Motion Technology by 43.3% during the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after purchasing an additional 326,358 shares in the last quarter. Tealwood Asset Management Inc. purchased a new position in shares of Silicon Motion Technology in the 3rd quarter valued at about $1,131,000. Handelsbanken Fonder AB grew its position in shares of Silicon Motion Technology by 17.0% during the third quarter. Handelsbanken Fonder AB now owns 10,300 shares of the semiconductor producer’s stock worth $626,000 after buying an additional 1,500 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Silicon Motion Technology by 0.6% during the third quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock worth $2,060,000 after buying an additional 197 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Silicon Motion Technology by 103.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 160,500 shares of the semiconductor producer’s stock valued at $12,999,000 after acquiring an additional 81,800 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a $0.50 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 3.34%. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

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.