Silicon Motion Technology Co. (NASDAQ:SIMO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO) has earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating and eight have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $81.67.

SIMO has been the topic of a number of recent research reports. Roth Mkm cut their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. Morgan Stanley dropped their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Wednesday. Needham & Company LLC lowered 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 report on Friday, November 1st. Finally, Craig Hallum dropped their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st.

Silicon Motion Technology Trading Up 5.4 %

SIMO opened at $59.32 on Tuesday. The company has a fifty day moving average price of $55.57 and a two-hundred day moving average price of $64.71. Silicon Motion Technology has a 1-year low of $50.50 and a 1-year high of $85.87. The company has a market cap of $2.00 billion, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 1.53 and a beta of 0.82.

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

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.37%. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. lifted its holdings in Silicon Motion Technology by 129.4% during the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after acquiring an additional 251 shares during the period. Blue Trust Inc. increased its position in shares of Silicon Motion Technology by 3,971.4% during the 2nd 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. Headlands Technologies LLC bought a new stake in shares of Silicon Motion Technology during the 2nd quarter worth $139,000. XTX Topco Ltd purchased a new position in shares of Silicon Motion Technology in the 2nd quarter worth about $220,000. Finally, Van ECK Associates Corp bought a new position in Silicon Motion Technology during the third quarter valued at about $151,000. 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.