Q1 2024 Earnings Forecast for Silicon Motion Technology Co. (NASDAQ:SIMO) Issued By B. Riley

Silicon Motion Technology Co. (NASDAQ:SIMO) – B. Riley boosted their Q1 2024 earnings per share estimates for Silicon Motion Technology in a research note issued on Tuesday, April 9th. B. Riley analyst C. Ellis now expects that the semiconductor producer will post earnings of $0.44 per share for the quarter, up from their prior forecast of $0.41. B. Riley currently 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.

A number of other research firms have also recently commented on SIMO. Craig Hallum boosted their price objective 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. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. Wedbush restated an “outperform” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.57.

Silicon Motion Technology Trading Down 3.2 %

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

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results 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 firm had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million.

Silicon Motion Technology Dividend Announcement

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

Institutional Trading of Silicon Motion Technology

Several large investors have recently made changes to their positions in the company. Reinhart Partners LLC. increased its position in shares of Silicon Motion Technology by 5.1% during the first quarter. Reinhart Partners LLC. now owns 736,371 shares of the semiconductor producer’s stock worth $56,656,000 after purchasing an additional 35,623 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in shares of Silicon Motion Technology during the fourth quarter worth approximately $3,080,000. PNC Financial Services Group Inc. increased its position in shares of Silicon Motion Technology by 48.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock worth $155,000 after purchasing an additional 821 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Silicon Motion Technology by 615.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock worth $19,379,000 after purchasing an additional 272,103 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Silicon Motion Technology during the fourth quarter worth approximately $718,000. 78.02% of the stock is currently owned by hedge funds and other 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.