Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $91.13 Average PT from Analysts

Silicon Motion Technology Co. (NASDAQ:SIMO) has been assigned an average recommendation of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat reports. Eight research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $91.13.

A number of analysts have recently issued reports on SIMO shares. Susquehanna raised their target price on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research note on Monday, May 6th. B. Riley lifted their price objective on shares of Silicon Motion Technology from $101.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Wedbush reiterated an “outperform” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $59.00 to $88.00 in a research note on Monday, May 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Monday, May 6th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SIMO. Farallon Capital Management LLC lifted its holdings in shares of Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after buying an additional 608,949 shares in the last quarter. LRI Investments LLC bought a new position in Silicon Motion Technology during the first quarter valued at approximately $150,000. Kennedy Capital Management LLC grew its position in Silicon Motion Technology by 71.9% during the first quarter. Kennedy Capital Management LLC now owns 220,906 shares of the semiconductor producer’s stock valued at $16,997,000 after acquiring an additional 92,386 shares during the last quarter. Silvercrest Asset Management Group LLC bought a new position in Silicon Motion Technology during the first quarter valued at approximately $8,191,000. Finally, Caxton Associates LP grew its position in Silicon Motion Technology by 49.8% during the first quarter. Caxton Associates LP now owns 85,407 shares of the semiconductor producer’s stock valued at $6,571,000 after acquiring an additional 28,378 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO opened at $83.27 on Tuesday. The firm’s fifty day moving average is $77.61 and its two-hundred day moving average is $71.04. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33. The firm has a market cap of $2.80 billion, a PE ratio of 47.31, a price-to-earnings-growth ratio of 0.80 and a beta of 0.89.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The business had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. Equities analysts forecast that Silicon Motion Technology will post 2.77 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were given a $0.50 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.40%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 113.07%.

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.