Silicon Motion Technology (NASDAQ:SIMO) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

Several other brokerages have also recently weighed in on SIMO. Needham & Company LLC upped 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, April 10th. JPMorgan Chase & Co. upped their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday, February 8th. Craig Hallum raised their price target on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a buy rating in a report on Wednesday, February 7th. Wedbush reissued an outperform rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday. Finally, B. Riley upped their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of Buy and an average target price of $91.13.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $78.58 on Friday. The stock has a 50 day moving average price of $74.80 and a 200 day moving average price of $65.95. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 44.65, a PEG ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33.

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

Silicon Motion Technology Dividend Announcement

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

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Parallel Advisors LLC grew its holdings in shares of 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 purchasing an additional 333 shares in the last quarter. Signaturefd LLC raised its stake in shares of Silicon Motion Technology by 183.5% in the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after acquiring an additional 444 shares in the last quarter. Assetmark Inc. purchased a new position in Silicon Motion Technology in the third quarter valued at $51,000. CVA Family Office LLC purchased a new stake in Silicon Motion Technology during the 4th quarter worth about $65,000. Finally, Covestor Ltd raised its position in Silicon Motion Technology by 76.9% in the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after purchasing an additional 777 shares in the last quarter. 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.