Silicon Motion Technology (NASDAQ:SIMO) Receives “Outperform” Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research report released on Monday morning,RTT News reports. Wedbush currently has a $90.00 target price on the semiconductor producer’s stock.

A number of other research analysts also recently weighed in on SIMO. Needham & Company LLC cut their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Roth Mkm cut their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. Morgan Stanley decreased their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Susquehanna reduced their price target 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. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $56.07 on Monday. The firm has a 50 day simple moving average of $55.16 and a 200 day simple moving average of $63.66. The firm has a market cap of $1.89 billion, a P/E ratio of 21.24, a P/E/G ratio of 1.61 and a beta of 0.82. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data 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. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the previous year, the business posted $0.32 EPS. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, sell-side analysts expect that Silicon Motion Technology will post 2.59 EPS for the current year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 3.57%. Silicon Motion Technology’s dividend payout ratio is 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its stake in Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after acquiring an additional 251 shares during the last quarter. Blue Trust Inc. grew its holdings in Silicon Motion Technology by 139.5% during the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock worth $83,000 after purchasing an additional 795 shares during the period. Headlands Technologies LLC acquired a new position in Silicon Motion Technology during the second quarter worth approximately $139,000. Van ECK Associates Corp bought a new stake in Silicon Motion Technology in the third quarter valued at approximately $151,000. Finally, XTX Topco Ltd acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $220,000. 78.02% of the stock is owned by institutional investors.

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.