Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Silicon Motion Technology Corporation (NASDAQ:SIMO) has been given an average rating of “Moderate Buy” by the eleven research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $111.25.

SIMO has been the topic of several analyst reports. Wedbush set a $120.00 price target on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Susquehanna lifted their target price on Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a research report on Monday, November 3rd. Roth Capital reiterated a “buy” rating and issued a $120.00 price target on shares of Silicon Motion Technology in a research note on Friday, October 31st. Zacks Research downgraded Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC raised its stake in shares of Silicon Motion Technology by 2.3% in the 3rd quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock valued at $552,000 after purchasing an additional 132 shares in the last quarter. NewEdge Advisors LLC bought a new stake in Silicon Motion Technology in the third quarter valued at about $79,000. Potrero Capital Research LLC acquired a new stake in Silicon Motion Technology during the third quarter valued at approximately $4,917,000. Prelude Capital Management LLC raised its stake in Silicon Motion Technology by 96.6% during the third quarter. Prelude Capital Management LLC now owns 15,160 shares of the semiconductor producer’s stock valued at $1,437,000 after buying an additional 7,447 shares in the last quarter. Finally, Mariner LLC bought a new position in Silicon Motion Technology during the 3rd quarter worth approximately $298,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $88.75 on Friday. The company has a market cap of $3.02 billion, a P/E ratio of 30.50, a PEG ratio of 1.26 and a beta of 1.10. Silicon Motion Technology has a one year low of $37.21 and a one year high of $106.60. The business’s 50-day simple moving average is $91.26 and its 200 day simple moving average is $83.04.

Silicon Motion Technology Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, August 6th. Silicon Motion Technology’s payout ratio is 68.38%.

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.