Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month High – What’s Next?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) reached a new 52-week high during trading on Wednesday . The stock traded as high as $108.00 and last traded at $105.21, with a volume of 1328435 shares changing hands. The stock had previously closed at $93.58.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SIMO. Susquehanna lifted their price objective 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. Wedbush set a $120.00 price objective on Silicon Motion Technology in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Wall Street Zen raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $110.00 target price on shares of Silicon Motion Technology in a report on Monday, November 3rd. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $111.25.

Silicon Motion Technology Price Performance

The company has a 50-day moving average of $91.25 and a two-hundred day moving average of $85.73. The stock has a market capitalization of $3.77 billion, a PE ratio of 38.15, a P/E/G ratio of 1.34 and a beta of 1.05.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 annualized dividend and a dividend yield of 1.8%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 68.38%.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in shares of Silicon Motion Technology by 87.6% during the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after buying an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after acquiring an additional 44,976 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Silicon Motion Technology by 65.5% during the second quarter. Harbor Capital Advisors Inc. now owns 202,721 shares of the semiconductor producer’s stock worth $15,239,000 after acquiring an additional 80,208 shares during the last quarter. Reinhart Partners LLC. raised its holdings in shares of Silicon Motion Technology by 7.9% in the 2nd quarter. Reinhart Partners LLC. now owns 1,471,583 shares of the semiconductor producer’s stock worth $110,620,000 after purchasing an additional 107,292 shares during the period. Finally, Diversified Trust Co acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at about $649,000. Institutional investors and hedge funds 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.