Analysts Offer Predictions for Silicon Motion Technology Co.’s Q2 2024 Earnings (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – Equities researchers at B. Riley increased their Q2 2024 earnings estimates for Silicon Motion Technology in a research report issued on Tuesday, April 9th. B. Riley analyst C. Ellis now expects that the semiconductor producer will earn $0.65 per share for the quarter, up from their previous estimate of $0.62. B. Riley has a “Buy” rating and a $101.00 price target on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.62 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q3 2024 earnings at $0.45 EPS, Q4 2024 earnings at $0.73 EPS, FY2024 earnings at $2.27 EPS, Q1 2025 earnings at $0.63 EPS, Q2 2025 earnings at $0.80 EPS, Q3 2025 earnings at $1.07 EPS, Q4 2025 earnings at $1.10 EPS and FY2025 earnings at $3.59 EPS.

SIMO has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Wedbush restated an “outperform” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday. Craig Hallum upped their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Finally, Needham & Company LLC raised their price target on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.57.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $75.28 on Friday. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The business has a 50-day moving average of $72.75 and a two-hundred day moving average of $63.43. The firm has a market capitalization of $2.49 billion, a PE ratio of 47.65, a P/E/G ratio of 4.34 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. The business had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in shares of Silicon Motion Technology by 4.3% during the fourth quarter. Millennium Management LLC now owns 1,135,877 shares of the semiconductor producer’s stock valued at $73,821,000 after purchasing an additional 47,147 shares during the last quarter. Morgan Stanley grew its stake in Silicon Motion Technology by 171.9% during the 4th quarter. Morgan Stanley now owns 1,119,471 shares of the semiconductor producer’s stock worth $72,754,000 after buying an additional 707,765 shares during the last quarter. Sand Grove Capital Management LLP increased its position in Silicon Motion Technology by 5.8% in the fourth quarter. Sand Grove Capital Management LLP now owns 1,061,055 shares of the semiconductor producer’s stock worth $68,958,000 after buying an additional 58,496 shares during the period. Alpine Associates Management Inc. increased its position in Silicon Motion Technology by 0.3% in the fourth quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock worth $58,544,000 after buying an additional 3,300 shares during the period. Finally, Hawk Ridge Capital Management LP lifted its stake in Silicon Motion Technology by 63.1% in the third quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock valued at $48,409,000 after buying an additional 365,461 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Tuesday, February 20th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.66%. Silicon Motion Technology’s dividend payout ratio (DPR) is 125.95%.

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.