Silicon Motion Technology Co. to Post Q3 2024 Earnings of $0.68 Per Share, B. Riley Forecasts (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – Research analysts at B. Riley lifted their Q3 2024 earnings per share (EPS) estimates for Silicon Motion Technology in a research note issued on Tuesday, October 8th. B. Riley analyst C. Ellis now expects that the semiconductor producer will post earnings of $0.68 per share for the quarter, up from their previous forecast of $0.56. B. Riley has a “Buy” rating and a $95.00 price objective on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.80 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $2.88 EPS, Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $1.03 EPS, Q4 2025 earnings at $1.06 EPS, FY2025 earnings at $3.48 EPS, Q1 2026 earnings at $0.96 EPS, Q2 2026 earnings at $1.15 EPS and FY2026 earnings at $5.01 EPS.

A number of other research firms have also issued reports on SIMO. Morgan Stanley lowered their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Needham & Company LLC lifted their target price 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. Roth Mkm cut their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Finally, Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.11.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $59.93 on Friday. The firm’s fifty day moving average is $60.28 and its two-hundred day moving average is $71.62. Silicon Motion Technology has a one year low of $51.85 and a one year high of $85.87. The firm has a market cap of $2.02 billion, a PE ratio of 34.05, a P/E/G ratio of 0.96 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.34%. Silicon Motion Technology’s payout ratio is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in Silicon Motion Technology by 3,971.4% during the second 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 period. Headlands Technologies LLC purchased a new position in Silicon Motion Technology in the 2nd quarter valued at approximately $139,000. LRI Investments LLC purchased a new position in Silicon Motion Technology in the 1st quarter valued at approximately $150,000. PNC Financial Services Group Inc. raised its holdings in Silicon Motion Technology by 48.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock worth $155,000 after purchasing an additional 821 shares during the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in Silicon Motion Technology during the first quarter worth $204,000. 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.