Silicon Motion Technology Co. (NASDAQ:SIMO) Given Consensus Recommendation of “Moderate Buy” by Analysts

Silicon Motion Technology Co. (NASDAQ:SIMO) has been given an average rating of “Moderate Buy” by the nine analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $81.67.

Several research firms recently issued reports on SIMO. Needham & Company LLC cut their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Susquehanna reduced their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research note on Friday, November 1st. Morgan Stanley decreased their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Finally, StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $60.32 on Tuesday. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 22.85, a PEG ratio of 1.61 and a beta of 0.82. The stock’s 50-day simple moving average is $55.57 and its 200-day simple moving average is $64.62. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. Silicon Motion Technology’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, equities analysts forecast that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is currently 75.76%.

Institutional Trading of Silicon Motion Technology

Hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in shares of Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after acquiring an additional 251 shares during the period. Blue Trust Inc. increased its stake in shares of Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares in the last quarter. Headlands Technologies LLC acquired a new position in Silicon Motion Technology in the 2nd quarter worth about $139,000. Van ECK Associates Corp purchased a new position in Silicon Motion Technology during the third quarter worth approximately $151,000. Finally, XTX Topco Ltd acquired a new stake in Silicon Motion Technology in the second quarter valued at approximately $220,000. 78.02% of the stock is 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.