Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $81.67 Average Target Price from Analysts

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have been given an average rating of “Moderate Buy” by the nine ratings firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $81.67.

SIMO has been the topic of several analyst reports. Morgan Stanley dropped their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Needham & Company LLC reduced their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Craig Hallum lowered their price target on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Susquehanna decreased their target price on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st.

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIMO. Principal Financial Group Inc. increased its stake in Silicon Motion Technology by 139.3% during the 2nd quarter. Principal Financial Group Inc. now owns 17,020 shares of the semiconductor producer’s stock worth $1,378,000 after buying an additional 9,909 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Silicon Motion Technology by 29.9% during the second quarter. Commonwealth Equity Services LLC now owns 11,788 shares of the semiconductor producer’s stock worth $955,000 after acquiring an additional 2,714 shares during the period. National Bank of Canada FI raised its stake in shares of Silicon Motion Technology by 6,186.7% in the second quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer’s stock valued at $3,766,000 after acquiring an additional 46,400 shares in the last quarter. AIGH Capital Management LLC purchased a new position in Silicon Motion Technology in the second quarter valued at $22,272,000. Finally, Headlands Technologies LLC acquired a new position in Silicon Motion Technology during the 2nd quarter worth $139,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 2.1 %

NASDAQ:SIMO opened at $56.30 on Friday. The company has a market capitalization of $1.90 billion, a P/E ratio of 21.33, a PEG ratio of 1.61 and a beta of 0.80. Silicon Motion Technology has a 12 month low of $50.50 and a 12 month high of $85.87. The firm has a fifty day simple moving average of $54.93 and a 200-day simple moving average of $61.69.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same period in the prior year, the company earned $0.32 earnings per share. The company’s revenue was up 23.3% on a year-over-year basis. Equities analysts forecast that Silicon Motion Technology will post 2.59 EPS for the current year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed 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 annualized dividend and a yield of 3.55%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.76%.

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.