Silicon Motion Technology (NASDAQ:SIMO) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research report report published on Saturday morning.

Several other research firms also recently weighed in on SIMO. B. Riley decreased their target price on Silicon Motion Technology from $112.00 to $95.00 and set a buy rating on the stock in a research report on Monday, August 5th. Bank of America downgraded Silicon Motion Technology from a buy rating to an underperform rating and decreased their target price for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, Needham & Company LLC raised their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a buy rating in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $85.00.

Silicon Motion Technology Stock Down 6.3 %

Shares of SIMO opened at $55.91 on Friday. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 0.92 and a beta of 0.84. The stock’s 50-day moving average price is $65.99 and its 200-day moving average price is $73.45. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $210.67 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.33 earnings per share. As a group, equities analysts anticipate that Silicon Motion Technology will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.58%. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC increased its holdings in shares of Silicon Motion Technology by 154.9% in 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. Blue Trust Inc. increased its holdings in shares of Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Silicon Motion Technology by 34.5% in 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. Barometer Capital Management Inc. acquired a new stake in shares of Silicon Motion Technology in the fourth quarter valued at approximately $123,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $139,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.