Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) - Equities researchers at B. Riley upped their Q1 2024 EPS estimates for Silicon Motion Technology in a report issued on Tuesday, April 9th. B. Riley analyst C. Ellis now anticipates that the semiconductor producer will post earnings per share of $0.44 for the quarter, up from their prior estimate of $0.41. B. Riley has a "Buy" rating and a $101.00 price target on the stock. The consensus estimate for Silicon Motion Technology's current full-year earnings is $2.62 per share.
Other equities analysts also recently issued research reports about the stock. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday. Wedbush reaffirmed an "outperform" rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Wednesday. Craig Hallum increased their price target on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday, February 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, February 8th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.57.
Check Out Our Latest Stock Analysis on SIMO
Silicon Motion Technology Stock Performance
NASDAQ SIMO traded down $1.76 during mid-day trading on Thursday, reaching $77.80. 472,386 shares of the stock were exchanged, compared to its average volume of 465,468. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33. The business's fifty day simple moving average is $72.75 and its 200 day simple moving average is $63.43. The stock has a market capitalization of $2.57 billion, a PE ratio of 49.24, a PEG ratio of 4.52 and a beta of 0.85.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. The firm had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million.
Silicon Motion Technology Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Tuesday, February 20th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, February 16th. Silicon Motion Technology's dividend payout ratio is presently 125.95%.
Hedge Funds Weigh In On Silicon Motion Technology
A number of hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. purchased a new stake in Silicon Motion Technology during the 4th quarter worth $26,000. Quarry LP purchased a new stake in Silicon Motion Technology during the 2nd quarter worth $36,000. Parallel Advisors LLC increased its stake in Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer's stock worth $34,000 after buying an additional 333 shares during the period. Barclays PLC purchased a new stake in Silicon Motion Technology during the 4th quarter worth $39,000. Finally, Signaturefd LLC increased its stake in Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer's stock worth $35,000 after buying an additional 444 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.
About Silicon Motion Technology
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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.
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