Silicon Motion Technology (NASDAQ:SIMO) Given Outperform Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a report published on Wednesday morning, Benzinga reports. Wedbush currently has a $90.00 price objective on the semiconductor producer’s stock.

Several other brokerages also recently weighed in on SIMO. Morgan Stanley lowered 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. B. Riley dropped their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a buy rating for the company in a report on Monday, August 5th. Bank of America cut Silicon Motion Technology from a buy rating to an underperform rating and decreased their price target for the company from $90.00 to $60.00 in a report on Friday, August 16th. StockNews.com raised Silicon Motion Technology from a hold rating to a buy rating in a research note on Saturday, September 14th. Finally, Needham & Company LLC increased their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a buy rating in a research report on Monday, July 8th. 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 data from MarketBeat, Silicon Motion Technology currently has an average rating of Moderate Buy and a consensus price target of $85.56.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $61.14 on Wednesday. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 0.97 and a beta of 0.83. The business has a fifty day moving average price of $60.87 and a 200-day moving average price of $72.07. Silicon Motion Technology has a one year low of $51.85 and a one year 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 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter in the prior year, the business posted $0.33 earnings per share. The business’s quarterly revenue was up 50.1% on a year-over-year basis. On average, equities research analysts expect that Silicon Motion Technology will post 2.8 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.27%. The ex-dividend date was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Caxton Associates LP bought a new stake in Silicon Motion Technology in the fourth quarter worth $3,494,000. Keeley Teton Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 132.2% in the 4th quarter. Keeley Teton Advisors LLC now owns 20,875 shares of the semiconductor producer’s stock valued at $1,279,000 after acquiring an additional 11,885 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in Silicon Motion Technology in the first quarter worth about $53,676,000. M&G Plc bought a new stake in Silicon Motion Technology during the first quarter worth approximately $6,304,000. Finally, Nomura Holdings Inc. purchased a new stake in Silicon Motion Technology during the fourth quarter valued at approximately $3,080,000. 78.02% of the stock is currently 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.