Silicon Motion Technology (NASDAQ:SIMO) Given New $100.00 Price Target at Craig Hallum

Key Points

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Silicon Motion Technology (NASDAQ:SIMO - Free Report) had its target price boosted by Craig Hallum from $70.00 to $100.00 in a research note published on Thursday morning, MarketBeat reports. They currently have a buy rating on the semiconductor producer's stock.

Several other research analysts also recently issued reports on the stock. B. Riley reiterated a "buy" rating and issued a $90.00 target price (up previously from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. Roth Capital increased their price target on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Wedbush reissued an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Susquehanna raised their target price on shares of Silicon Motion Technology from $80.00 to $90.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $87.78.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded down $0.12 during midday trading on Thursday, hitting $76.42. 447,161 shares of the company traded hands, compared to its average volume of 346,252. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $85.11. The stock has a 50-day moving average price of $70.87 and a 200 day moving average price of $58.45. The firm has a market cap of $2.60 billion, a P/E ratio of 32.24, a P/E/G ratio of 12.37 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, topping 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 10.15%. The business's revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 earnings per share. As a group, equities analysts expect that Silicon Motion Technology will post 3.08 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

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 paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Thursday, August 7th. Silicon Motion Technology's payout ratio is 83.97%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Invesco Ltd. raised its stake in shares of Silicon Motion Technology by 61.3% during the 1st quarter. Invesco Ltd. now owns 1,675,648 shares of the semiconductor producer's stock worth $84,721,000 after acquiring an additional 636,869 shares in the last quarter. Reinhart Partners LLC. boosted its holdings in shares of Silicon Motion Technology by 7.9% in the 2nd quarter. Reinhart Partners LLC. now owns 1,471,583 shares of the semiconductor producer's stock valued at $110,620,000 after acquiring an additional 107,292 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock valued at $71,612,000 after acquiring an additional 221,017 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Silicon Motion Technology by 4.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 799,118 shares of the semiconductor producer's stock valued at $40,403,000 after purchasing an additional 35,699 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares during the period. Institutional investors own 78.02% of the company's stock.

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.