Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $105.00 at B. Riley

Silicon Motion Technology (NASDAQ:SIMO - Free Report) had its price objective increased by B. Riley from $101.00 to $105.00 in a research report sent to investors on Monday morning, Benzinga reports. B. Riley currently has a buy rating on the semiconductor producer's stock.

Several other research firms have also recently issued reports on SIMO. Susquehanna upped their price objective on Silicon Motion Technology from $100.00 to $110.00 and gave the company a positive rating in a research report on Monday. Craig Hallum increased their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research note on Monday. StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday. Needham & Company LLC restated a buy rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Monday. Finally, Wedbush reissued an outperform rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $91.13.

Silicon Motion Technology Price Performance

SIMO stock traded up $4.62 on Monday, reaching $78.58. 1,001,579 shares of the company traded hands, compared to its average volume of 450,274. The firm has a fifty day simple moving average of $74.63 and a 200-day simple moving average of $65.79. Silicon Motion Technology has a one year low of $49.50 and a one year high of $95.33. The company has a market cap of $2.65 billion, a P/E ratio of 45.01, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly 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. The company had revenue of $202.38 million for the quarter, compared to analysts' expectations of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. On average, sell-side analysts forecast that Silicon Motion Technology will post 2.65 EPS for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 113.07%.

Institutional Trading of Silicon Motion Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its position in shares of Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer's stock worth $34,000 after purchasing an additional 333 shares during the period. Signaturefd LLC lifted its holdings in Silicon Motion Technology by 183.5% during the third 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. Assetmark Inc. bought a new stake in Silicon Motion Technology during the 3rd quarter valued at $51,000. CVA Family Office LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter valued at $65,000. Finally, Covestor Ltd raised its position in shares of Silicon Motion Technology by 76.9% in the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer's stock worth $92,000 after acquiring an additional 777 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.