Silicon Motion Technology (NASDAQ:SIMO) Reaches New 1-Year High - Still a Buy?

Key Points

• Silicon Motion Technology reached a new 52-week high of $77.24, trading at $76.83 with increased volume, indicating strong investor interest in the semiconductor company.
• Analysts have a consensus rating of "Moderate Buy" for the stock, with target prices ranging from $65 to $90, reflecting optimism about its future performance.
• The company announced a quarterly dividend of $0.50, with an annual yield of 2.59%, marking and highlighting its commitment to returning value to shareholders.

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $77.24 and last traded at $76.83, with a volume of 76256 shares traded. The stock had previously closed at $75.79.

Analysts Set New Price Targets

SIMO has been the subject of several research reports. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a report on Wednesday, June 18th. Needham & Company LLC decreased their price target on shares of 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. Citigroup raised Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, B. Riley restated 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. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, Silicon Motion Technology has a consensus rating of "Moderate Buy" and a consensus price target of $83.33.

Silicon Motion Technology Price Performance

The stock has a 50 day simple moving average of $69.91 and a 200-day simple moving average of $57.83. The firm has a market cap of $2.62 billion, a PE ratio of 27.61, a PEG ratio of 11.77 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.16. The firm had revenue of $166.49 million during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.64 earnings per share. As a group, equities analysts predict that Silicon Motion Technology Corporation will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a $0.50 dividend. The ex-dividend date is Thursday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.59%. Silicon Motion Technology's dividend payout ratio (DPR) is presently 71.33%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors have recently made changes to their positions in SIMO. GAMMA Investing LLC raised its holdings in Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock worth $73,000 after acquiring an additional 529 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Silicon Motion Technology by 61.8% in 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. Menard Financial Group LLC purchased a new position in shares of Silicon Motion Technology in the fourth quarter worth $88,000. Signaturefd LLC lifted its holdings in shares of Silicon Motion Technology by 79.3% during the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after purchasing an additional 736 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Silicon Motion Technology by 53.3% during the second quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer's stock valued at $152,000 after buying an additional 704 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

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.

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