Silicon Motion Technology Co. (NASDAQ:SIMO) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and eight have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $81.67.

SIMO has been the topic of several recent analyst reports. Susquehanna lowered their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Morgan Stanley reduced their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Needham & Company LLC reduced their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Roth Mkm lowered their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Finally, Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the company from $90.00 to $60.00 in a research note on Friday, August 16th.

Silicon Motion Technology Stock Up 0.1 %

Shares of SIMO opened at $57.03 on Tuesday. Silicon Motion Technology has a 12-month low of $50.50 and a 12-month high of $85.87. The stock’s fifty day simple moving average is $55.85 and its 200-day simple moving average is $65.21. The firm has a market capitalization of $1.92 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 1.55 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted 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. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same period last year, the business posted $0.32 earnings per share. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. Analysts anticipate that Silicon Motion Technology will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 3.51%. Silicon Motion Technology’s dividend payout ratio is presently 75.38%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC boosted its holdings in shares of Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after purchasing an additional 485,862 shares during the period. Reinhart Partners LLC. increased its position in Silicon Motion Technology by 43.3% during the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after buying an additional 326,358 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after acquiring an additional 105,084 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Silicon Motion Technology in the 3rd quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Silicon Motion Technology by 36.4% in the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock valued at $34,671,000 after purchasing an additional 152,467 shares during the period. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Company Profile

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.