Silicon Motion Technology Co. (NASDAQ:SIMO) Plans Quarterly Dividend of $0.50

Silicon Motion Technology Co. (NASDAQ:SIMO) announced a quarterly dividend on Monday, January 13th,Wall Street Journal reports. Shareholders of record on Thursday, August 7th will be paid a dividend of 0.50 per share by the semiconductor producer on Thursday, August 21st. This represents a $2.00 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Thursday, August 7th.

Silicon Motion Technology has raised its dividend by an average of 8.9% per year over the last three years. Silicon Motion Technology has a payout ratio of 39.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Silicon Motion Technology to earn $2.99 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 66.9%.

Silicon Motion Technology Stock Down 2.0 %

Shares of Silicon Motion Technology stock opened at $51.90 on Tuesday. Silicon Motion Technology has a twelve month low of $50.50 and a twelve month high of $85.87. The business has a 50-day moving average price of $54.90 and a 200-day moving average price of $60.77. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 1.61 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The business had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. On average, equities analysts expect that Silicon Motion Technology will post 2.59 EPS for the current fiscal year.

Analyst Ratings Changes

SIMO has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Roth Mkm reduced their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Susquehanna dropped their price objective on 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. Finally, Morgan Stanley reduced their target price 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. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

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.