FY2022 EPS Estimates for Silicon Motion Technology Co. (NASDAQ:SIMO) Lifted by Analyst

Silicon Motion Technology Co. (NASDAQ:SIMOGet Rating) – Investment analysts at B. Riley increased their FY2022 earnings per share (EPS) estimates for Silicon Motion Technology in a research note issued on Wednesday, April 27th. B. Riley analyst C. Ellis now anticipates that the semiconductor producer will post earnings of $7.79 per share for the year, up from their prior forecast of $7.66. B. Riley currently has a “Buy” rating and a $106.00 target price on the stock. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2022 earnings at $2.48 EPS and Q3 2023 earnings at $2.45 EPS.

SIMO has been the topic of several other reports. Needham & Company LLC raised their price objective on shares of Silicon Motion Technology from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, January 28th. StockNews.com began coverage on shares of Silicon Motion Technology in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Cowen raised their price objective on shares of Silicon Motion Technology from $105.00 to $110.00 in a research report on Friday, January 28th. Finally, Zacks Investment Research upgraded shares of Silicon Motion Technology from a “strong sell” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Wednesday, February 2nd. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and an average price target of $101.13.

SIMO opened at $83.25 on Friday. Silicon Motion Technology has a 1-year low of $58.86 and a 1-year high of $96.89. The company has a market capitalization of $2.91 billion, a PE ratio of 14.58, a PEG ratio of 1.18 and a beta of 1.20. The firm’s 50 day simple moving average is $72.53 and its two-hundred day simple moving average is $77.11.

Silicon Motion Technology (NASDAQ:SIMOGet Rating) last released its quarterly earnings results on Wednesday, January 26th. The semiconductor producer reported $1.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.16. Silicon Motion Technology had a net margin of 21.68% and a return on equity of 30.69%. The business had revenue of $264.36 million for the quarter, compared to the consensus estimate of $263.85 million. During the same period last year, the firm earned $0.04 earnings per share.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Schroder Investment Management Group increased its holdings in Silicon Motion Technology by 2,851.5% in the 3rd quarter. Schroder Investment Management Group now owns 436,618 shares of the semiconductor producer’s stock valued at $7,530,000 after acquiring an additional 421,825 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Silicon Motion Technology by 6.6% in the 3rd quarter. Two Sigma Advisers LP now owns 460,846 shares of the semiconductor producer’s stock worth $31,789,000 after buying an additional 28,482 shares in the last quarter. Juncture Wealth Strategies LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $429,000. 180 Wealth Advisors LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $202,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Silicon Motion Technology in the 3rd quarter worth $14,873,000. Institutional investors own 79.06% of the company’s stock.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 26th. Shareholders of record on Thursday, May 12th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, May 11th. This represents a $2.00 dividend on an annualized basis and a yield of 2.40%. Silicon Motion Technology’s dividend payout ratio is currently 34.85%.

About Silicon Motion Technology (Get Rating)

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It offers SSDs used in PCs and other devices, as well as eMMC and UFS mobile embedded storage used in smartphones and IOT devices. The company also provides enterprise-grade SSDs used in data centers; and small form-factor specialized SSDs used in industrial, commercial, and automotive applications.

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