Silicon Motion Technology Co. (NASDAQ:SIMO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO) has earned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $81.67.

A number of research analysts have commented on the stock. Needham & Company LLC cut their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Craig Hallum decreased their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Susquehanna cut their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Finally, Morgan Stanley cut their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $54.02 on Friday. Silicon Motion Technology has a 52-week low of $50.50 and a 52-week high of $85.87. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 20.46, a PEG ratio of 1.39 and a beta of 0.84. The stock has a 50 day moving average price of $57.01 and a 200 day moving average price of $68.07.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. The business had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 EPS. Analysts forecast that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.70%. The ex-dividend date is Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SIMO. Erste Asset Management GmbH acquired a new position in shares of Silicon Motion Technology in the third quarter worth about $40,331,000. Caisse DE Depot ET Placement DU Quebec raised its holdings in Silicon Motion Technology by 45.2% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 12,200 shares of the semiconductor producer’s stock worth $741,000 after purchasing an additional 3,800 shares during the period. Verition Fund Management LLC purchased a new position in Silicon Motion Technology during the third quarter worth approximately $290,000. BNP Paribas Financial Markets grew its holdings in Silicon Motion Technology by 6.0% in the third quarter. BNP Paribas Financial Markets now owns 31,341 shares of the semiconductor producer’s stock valued at $1,904,000 after purchasing an additional 1,784 shares during the period. Finally, FMR LLC increased its position in shares of Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Company Profile

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.