Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Average Rating of “Buy” by Analysts

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been assigned an average recommendation of “Buy” from the ten ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $100.00.

Several research analysts have recently commented on the company. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, October 24th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective (up previously from $100.00) on shares of Silicon Motion Technology in a report on Thursday. B. Riley lifted their price target on Silicon Motion Technology from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Needham & Company LLC lifted their price target on Silicon Motion Technology from $65.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, Susquehanna lifted their price target on Silicon Motion Technology from $90.00 to $95.00 and gave the stock a “positive” rating in a research note on Friday, August 1st.

Silicon Motion Technology Stock Performance

SIMO stock opened at $99.96 on Friday. The company has a market capitalization of $3.40 billion, a PE ratio of 42.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.03. Silicon Motion Technology has a one year low of $37.21 and a one year high of $106.60. The company’s 50 day moving average price is $90.25 and its two-hundred day moving average price is $73.95.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.15. The company had revenue of $198.68 million for the quarter, compared to analysts’ expectations of $180.40 million. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.14%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 EPS. On average, research analysts predict that Silicon Motion Technology will post 3.08 EPS for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s payout ratio is presently 83.97%.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the period. GAMMA Investing LLC increased its holdings in Silicon Motion Technology by 118.3% during the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock valued at $73,000 after purchasing an additional 529 shares during the period. Raymond James Financial Inc. purchased a new position in Silicon Motion Technology during the 2nd quarter valued at about $75,000. Headlands Technologies LLC purchased a new position in Silicon Motion Technology during the 2nd quarter valued at about $108,000. Finally, Signaturefd LLC increased its position in Silicon Motion Technology by 79.3% during the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock valued at $84,000 after purchasing an additional 736 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.