Silicon Motion Technology (NASDAQ:SIMO) Posts Earnings Results, Beats Estimates By $0.01 EPS

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

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock traded down $3.85 on Monday, hitting $58.65. The company had a trading volume of 589,148 shares, compared to its average volume of 420,818. The firm has a market capitalization of $1.98 billion, a P/E ratio of 33.37, a P/E/G ratio of 0.60 and a beta of 0.86. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $85.87. The stock has a 50-day moving average of $78.39 and a 200-day moving average of $74.60.

Silicon Motion Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Needham & Company LLC raised their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. B. Riley lowered their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $59.00 to $88.00 in a report on Monday, May 6th. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Finally, Susquehanna boosted their price objective on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research report on Monday, May 6th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $91.00.

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.