Silicon Motion Technology (NASDAQ:SIMO) Announces Quarterly Earnings Results

Silicon Motion Technology (NASDAQ:SIMO) issued its quarterly earnings data on Friday. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01, Briefing.com reports. Silicon Motion Technology had a return on equity of 10.41% and a net margin of 10.14%. The company had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. During the same period last year, the company earned $0.33 earnings per share. Silicon Motion Technology’s quarterly revenue was up 50.1% compared to the same quarter last year.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO traded down $3.85 on Monday, hitting $58.65. 589,146 shares of the company’s stock were exchanged, compared to its average volume of 420,818. The firm’s 50-day moving average is $78.39 and its 200 day moving average is $74.60. The company has a market capitalization of $1.98 billion, a PE ratio of 33.37, a P/E/G ratio of 0.60 and a beta of 0.86. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $85.87.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 3.41%. Silicon Motion Technology’s payout ratio is 113.07%.

Analyst Ratings Changes

Several analysts have commented on the company. Wedbush reissued an “outperform” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a report on Friday, May 3rd. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $59.00 to $88.00 in a research report on Monday, May 6th. Susquehanna raised their target price on Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research report on Monday, May 6th. Craig Hallum raised their target price on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Finally, Needham & Company LLC raised their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $91.00.

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.