Silicon Motion Technology Co. Forecasted to Post Q3 2024 Earnings of $0.56 Per Share (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – B. Riley dropped their Q3 2024 earnings per share estimates for shares of Silicon Motion Technology in a research report issued to clients and investors on Monday, September 16th. B. Riley analyst C. Ellis now forecasts that the semiconductor producer will post earnings per share of $0.56 for the quarter, down from their previous estimate of $0.66. B. Riley currently has a “Buy” rating and a $95.00 target price on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.86 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.74 EPS, FY2024 earnings at $2.57 EPS, Q1 2025 earnings at $0.66 EPS, Q2 2025 earnings at $0.83 EPS, Q3 2025 earnings at $1.10 EPS, Q4 2025 earnings at $1.13 EPS, FY2025 earnings at $3.72 EPS, Q1 2026 earnings at $1.00 EPS, Q2 2026 earnings at $1.17 EPS and FY2026 earnings at $5.10 EPS.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, topping 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 analyst estimates of $206.75 million. During the same period last year, the business earned $0.33 EPS. Silicon Motion Technology’s revenue for the quarter was up 50.1% compared to the same quarter last year.

A number of other analysts have also recently issued reports on the company. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $90.00 to $60.00 in a research report on Friday, August 16th. Morgan Stanley reduced their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $55.19 on Thursday. The stock’s 50-day moving average is $65.01 and its two-hundred day moving average is $73.21. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $85.87. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 31.36, a PEG ratio of 0.92 and a beta of 0.84.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently bought and sold shares of SIMO. Inspire Advisors LLC increased its stake in shares of Silicon Motion Technology by 1.9% during the second quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock worth $1,059,000 after acquiring an additional 249 shares during the period. Sei Investments Co. lifted its holdings in shares of Silicon Motion Technology by 0.5% in the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock valued at $4,559,000 after buying an additional 257 shares during the period. Parallel Advisors LLC boosted its stake in shares of Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Silicon Motion Technology by 0.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 73,150 shares of the semiconductor producer’s stock worth $4,482,000 after acquiring an additional 341 shares during the period. Finally, Assetmark Inc. raised its position in Silicon Motion Technology by 34.5% in the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after acquiring an additional 342 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders 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 annualized dividend and a yield of 3.62%. Silicon Motion Technology’s dividend payout ratio 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.