Silicon Motion Technology (NASDAQ:SIMO) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research report released on Saturday.

Several other research firms have also commented on SIMO. Needham & Company LLC raised their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a buy rating in a research note on Monday, July 8th. Bank of America lowered shares of Silicon Motion Technology from a buy rating to an underperform rating and lowered their price objective for the company from $90.00 to $60.00 in a research note on Friday, August 16th. Finally, B. Riley lowered their price objective on shares of Silicon Motion Technology from $112.00 to $95.00 and set a buy rating for the company in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $85.00.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $56.50 on Friday. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $85.87. The stock has a market cap of $1.90 billion, a PE ratio of 32.10, a P/E/G ratio of 0.92 and a beta of 0.84. The firm has a 50-day simple moving average of $65.52 and a two-hundred day simple moving average of $73.34.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same period last year, the business earned $0.33 earnings per share. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. As a group, sell-side analysts expect that Silicon Motion Technology will post 2.86 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a yield of 3.54%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 556 shares during the last quarter. Assetmark Inc. lifted its position in shares of Silicon Motion Technology by 34.5% during the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after buying an additional 342 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Silicon Motion Technology during the 2nd quarter worth approximately $139,000. Finally, LRI Investments LLC purchased a new stake in shares of Silicon Motion Technology during the 1st quarter worth approximately $150,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.