Needham & Company LLC reiterated their buy rating on shares of Silicon Motion Technology (NASDAQ:SIMO - Free Report) in a report released on Monday, Benzinga reports. The firm currently has a $85.00 price target on the semiconductor producer's stock.
A number of other research firms have also commented on SIMO. Morgan Stanley upgraded shares of Silicon Motion Technology from an equal weight rating to an overweight rating and lifted their price objective for the company from $59.00 to $88.00 in a research note on Monday. 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 research note on Thursday, February 8th. StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday. Wedbush restated an outperform rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday. Finally, Craig Hallum boosted their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research note on Monday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $91.13.
Read Our Latest Stock Report on Silicon Motion Technology
Silicon Motion Technology Trading Up 6.3 %
Shares of Silicon Motion Technology stock traded up $4.62 on Monday, hitting $78.58. The stock had a trading volume of 1,001,579 shares, compared to its average volume of 450,274. The company's 50 day moving average price is $74.80 and its 200 day moving average price is $65.95. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 44.65, a P/E/G ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33.
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 for the quarter, beating the consensus estimate of $0.51 by $0.12. The business 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 7.77% and a net margin of 8.34%. Analysts predict that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.
Silicon Motion Technology Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.55%. Silicon Motion Technology's dividend payout ratio (DPR) is presently 113.07%.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Inspire Advisors LLC purchased a new position in Silicon Motion Technology during the 3rd quarter valued at about $646,000. Skylands Capital LLC grew its position in shares of Silicon Motion Technology by 46.7% in the third quarter. Skylands Capital LLC now owns 35,200 shares of the semiconductor producer's stock valued at $1,804,000 after purchasing an additional 11,200 shares during the last quarter. Assetmark Inc. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter worth approximately $51,000. Signaturefd LLC raised its position in shares of 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 purchasing an additional 444 shares during the last quarter. Finally, Privium Fund Management UK Ltd grew its holdings in Silicon Motion Technology by 21.4% during the 3rd quarter. Privium Fund Management UK Ltd now owns 8,500 shares of the semiconductor producer's stock valued at $435,000 after buying an additional 1,500 shares during the last quarter. 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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