Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Average Rating of "Buy" by Brokerages

Key Points

• Analysts have given Silicon Motion Technology Corporation (NASDAQ:SIMO) an average rating of "Buy", with a 12-month price target of $87.78.
• The company recently reported earnings of $0.69 EPS for the quarter, exceeding expectations, with revenues of $198.68 million.
• Silicon Motion Technology has declared a quarterly dividend of $0.50, yielding 2.7%, scheduled for payment on August 21st.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) have received an average recommendation of "Buy" from the ten brokerages that are currently covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have covered the stock in the last year is $87.7778.

SIMO has been the topic of a number of recent research reports. Needham & Company LLC lifted their target price on shares of Silicon Motion Technology from $65.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Craig Hallum lifted their target price on shares of Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Susquehanna lifted their target price on shares of Silicon Motion Technology from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday, August 1st. Finally, Roth Capital lifted their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $73.67 on Friday. The firm's fifty day simple moving average is $73.19 and its 200-day simple moving average is $60.14. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 3.68 and a beta of 0.92. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $85.11.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.15. The business had revenue of $198.68 million for the quarter, compared to analysts' expectations of $180.40 million. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.14%. The company's quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 EPS. Analysts anticipate that Silicon Motion Technology will post 3.08 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio (DPR) is 83.97%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in shares of Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer's stock worth $44,000 after purchasing an additional 366 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after purchasing an additional 440 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Silicon Motion Technology by 118.3% during the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock worth $73,000 after purchasing an additional 529 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Silicon Motion Technology during the 2nd quarter worth $75,000. Finally, Signaturefd LLC boosted its position in shares of Silicon Motion Technology by 79.3% during the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock worth $84,000 after purchasing an additional 736 shares in the last quarter. 78.02% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.