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

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $85.00.

Several equities analysts recently commented on SIMO shares. Needham & Company LLC increased their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Morgan Stanley cut their target price on 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. B. Riley lowered their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Finally, Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $90.00 to $60.00 in a research report on Friday, August 16th.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $60.74 on Thursday. The stock’s 50-day moving average is $62.10 and its two-hundred day moving average is $72.50. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 34.51, a price-to-earnings-growth ratio of 0.92 and a beta of 0.84. Silicon Motion Technology has a 1-year low of $50.43 and a 1-year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter last year, the company earned $0.33 earnings per share. The firm’s revenue was up 50.1% compared to the same quarter last year. Equities research analysts anticipate that Silicon Motion Technology will post 2.8 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SIMO. Parallel Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares during the period. Blue Trust Inc. lifted 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 worth $44,000 after acquiring an additional 556 shares during the period. Assetmark Inc. boosted its holdings in shares of Silicon Motion Technology by 34.5% in the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after acquiring an additional 342 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology during the second quarter worth about $139,000. Finally, LRI Investments LLC purchased a new position in Silicon Motion Technology during the first quarter worth about $150,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.