Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives $83.89 Consensus PT from Analysts

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) have been assigned a consensus rating of "Buy" from the ten research firms that are presently covering the stock, MarketBeat reports. Ten analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $83.33.

A number of equities analysts have weighed in on the company. Needham & Company LLC reduced their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Roth Capital lifted their price target on Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Bank of America raised Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target for the company in a report on Wednesday, June 18th. Finally, Susquehanna upped their price target on Silicon Motion Technology from $80.00 to $90.00 and gave the stock a "positive" rating in a report on Wednesday.

Silicon Motion Technology Trading Down 1.4%

Shares of NASDAQ SIMO traded down $1.04 during trading on Wednesday, reaching $72.80. 216,405 shares of the company traded hands, compared to its average volume of 287,374. The firm's fifty day simple moving average is $69.67 and its 200 day simple moving average is $57.66. The stock has a market cap of $2.47 billion, a P/E ratio of 26.09, a PEG ratio of 11.77 and a beta of 0.85. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $76.77.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million during the quarter, compared to analyst estimates of $162.69 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The company's revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the business posted $0.64 EPS. As a group, research analysts expect that Silicon Motion Technology will post 3.08 EPS 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. Shareholders of record on Thursday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.75%. Silicon Motion Technology's dividend payout ratio (DPR) is currently 71.33%.

Institutional Investors Weigh In On Silicon Motion Technology

Several large investors have recently bought and sold shares of SIMO. Virtu Financial LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at approximately $208,000. Sei Investments Co. grew its position in shares of Silicon Motion Technology by 7.1% in the fourth quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after purchasing an additional 3,875 shares in the last quarter. LPL Financial LLC grew its position in shares of Silicon Motion Technology by 34.3% in the fourth quarter. LPL Financial LLC now owns 7,643 shares of the semiconductor producer's stock valued at $413,000 after purchasing an additional 1,950 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Silicon Motion Technology by 95.0% in the fourth quarter. Orion Portfolio Solutions LLC now owns 16,090 shares of the semiconductor producer's stock valued at $870,000 after purchasing an additional 7,840 shares in the last quarter. Finally, Heartland Advisors Inc. grew its position in shares of Silicon Motion Technology by 21.6% in the fourth quarter. Heartland Advisors Inc. now owns 447,138 shares of the semiconductor producer's stock valued at $24,168,000 after purchasing an additional 79,383 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

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.