Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $101.00

Silicon Motion Technology (NASDAQ:SIMO - Free Report) had its price objective increased by B. Riley from $93.00 to $101.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor producer's stock.

SIMO has been the subject of a number of other reports. Craig Hallum increased their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Needham & Company LLC upped their target price on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a buy rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a report on Thursday, February 8th. Finally, Wedbush reaffirmed an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Wednesday. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology has an average rating of Moderate Buy and a consensus target price of $87.57.

Silicon Motion Technology Stock Down 1.1 %

Shares of SIMO traded down $0.87 during mid-day trading on Wednesday, hitting $79.56. The stock had a trading volume of 332,038 shares, compared to its average volume of 465,369. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The company has a market cap of $2.63 billion, a PE ratio of 50.35, a PEG ratio of 4.52 and a beta of 0.85. The company's fifty day simple moving average is $72.47 and its two-hundred day simple moving average is $63.33.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $197.60 million. Equities analysts expect that Silicon Motion Technology will post 2.62 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Tuesday, February 20th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Friday, February 16th. Silicon Motion Technology's dividend payout ratio is presently 125.95%.

Institutional Trading of Silicon Motion Technology

A number of hedge funds have recently modified their holdings of the business. Reinhart Partners LLC. boosted its holdings in shares of Silicon Motion Technology by 5.1% during the first quarter. Reinhart Partners LLC. now owns 736,371 shares of the semiconductor producer's stock worth $56,656,000 after purchasing an additional 35,623 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth $3,080,000. PNC Financial Services Group Inc. raised its holdings in shares of 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 acquiring an additional 821 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Silicon Motion Technology by 615.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer's stock valued at $19,379,000 after purchasing an additional 272,103 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Silicon Motion Technology in the fourth quarter valued at about $718,000. Hedge funds and other institutional investors own 78.02% of the company's stock.

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.