Silicon Motion Technology Co. Announces Quarterly Dividend of $0.50 (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) announced a quarterly dividend on Monday, April 22nd, Wall Street Journal reports. Investors of record on Thursday, May 9th will be paid a dividend of 0.50 per share by the semiconductor producer on Thursday, May 23rd. This represents a $2.00 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, May 8th.

Silicon Motion Technology has decreased its dividend by an average of 29.1% annually over the last three years. Silicon Motion Technology has a payout ratio of 42.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Silicon Motion Technology to earn $4.02 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 49.8%.

Silicon Motion Technology Stock Up 0.9 %

SIMO traded up $0.63 during trading on Monday, hitting $72.47. The company's stock had a trading volume of 140,784 shares, compared to its average volume of 452,384. The firm's 50 day moving average price is $73.74 and its two-hundred day moving average price is $64.68. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 45.87, a price-to-earnings-growth ratio of 3.87 and a beta of 0.85.

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, topping analysts' consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. On average, sell-side analysts forecast that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Analyst Ratings Changes

SIMO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an "overweight" rating in a report on Thursday, February 8th. Craig Hallum upped their price objective 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 Silicon Motion Technology from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, April 10th. Wedbush reiterated an "outperform" rating and set a $85.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 10th. Finally, B. Riley raised their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the company a "buy" rating in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $87.57.

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.