Silicon Motion Technology Co. to Post Q2 2024 Earnings of $0.65 Per Share, B. Riley Forecasts (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) - Equities research analysts at B. Riley boosted their Q2 2024 earnings estimates for shares of Silicon Motion Technology in a report issued on Tuesday, April 9th. B. Riley analyst C. Ellis now anticipates that the semiconductor producer will earn $0.65 per share for the quarter, up from their previous estimate of $0.62. 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. B. Riley also issued estimates for Silicon Motion Technology's Q3 2024 earnings at $0.45 EPS, Q4 2024 earnings at $0.73 EPS, FY2024 earnings at $2.27 EPS, Q1 2025 earnings at $0.63 EPS, Q2 2025 earnings at $0.80 EPS, Q3 2025 earnings at $1.07 EPS, Q4 2025 earnings at $1.10 EPS and FY2025 earnings at $3.59 EPS.

Other equities analysts also recently issued reports about the company. Wedbush reissued an "outperform" rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an "overweight" rating in a research report on Thursday, February 8th. Craig Hallum upped 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 report on Wednesday, February 7th. Finally, Needham & Company LLC raised their price target on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $87.57.

Silicon Motion Technology Trading Down 3.2 %

Shares of SIMO traded down $2.52 during trading hours on Friday, hitting $75.28. The company had a trading volume of 360,734 shares, compared to its average volume of 463,993. The company has a market capitalization of $2.49 billion, a PE ratio of 47.56, a price-to-earnings-growth ratio of 4.34 and a beta of 0.85. Silicon Motion Technology has a one year low of $49.50 and a one year high of $95.33. The company's fifty day moving average price is $72.75 and its two-hundred day moving average price is $63.43.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to analysts' expectations of $197.60 million. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Tuesday, February 20th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Friday, February 16th. Silicon Motion Technology's dividend payout ratio is currently 125.95%.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently modified their holdings of the company. GABELLI & Co INVESTMENT ADVISERS INC. boosted its position in shares of Silicon Motion Technology by 127.3% in the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 60,909 shares of the semiconductor producer's stock worth $3,122,000 after acquiring an additional 34,111 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at $837,000. Canada Pension Plan Investment Board purchased a new position in shares of Silicon Motion Technology in the 3rd quarter worth $636,000. Invesco Ltd. acquired a new position in Silicon Motion Technology in the third quarter valued at $32,024,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Silicon Motion Technology during the third quarter valued at about $15,512,000. 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.