Silicon Motion Technology (NASDAQ:SIMO) Sees Unusually-High Trading Volume After Dividend Announcement

Silicon Motion Technology Co. (NASDAQ:SIMO) saw an uptick in trading volume on Monday after the company announced a dividend. 432,624 shares were traded during trading, a decline of 2% from the previous session’s volume of 441,961 shares.The stock last traded at $80.68 and had previously closed at $73.96.

The newly announced dividend which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.55%. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

Wall Street Analysts Forecast Growth

SIMO has been the subject of a number of research reports. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $59.00 to $88.00 in a research note on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Monday. Wedbush reaffirmed an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday. Susquehanna raised their target price on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research report on Monday. Finally, Craig Hallum lifted their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a report on Monday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $91.13.

Silicon Motion Technology Stock Up 6.3 %

The company’s 50 day moving average price is $74.80 and its 200 day moving average price is $65.95. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 44.65, a P/E/G ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. As a group, analysts expect that Silicon Motion Technology Co. will post 2.65 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its holdings in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Silicon Motion Technology by 0.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 73,150 shares of the semiconductor producer’s stock valued at $4,482,000 after purchasing an additional 341 shares during the last quarter. Assetmark Inc. boosted its holdings in Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after purchasing an additional 342 shares during the last quarter. Signaturefd LLC boosted its holdings in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after purchasing an additional 444 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Silicon Motion Technology by 76.9% in the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after acquiring an additional 777 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.