Silicon Motion Technology (NASDAQ:SIMO) Hits New 1-Year High - What's Next?

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)'s stock price reached a new 52-week high 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.

Wall Street Analysts Forecast Growth

SIMO has been the subject of several recent research reports. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $65.00 to $90.00 and gave the company a "buy" rating in a report on Thursday. Craig Hallum boosted their price target on Silicon Motion Technology from $70.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday. Susquehanna boosted their price target on Silicon Motion Technology from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Friday. 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 report on Thursday, June 5th. Finally, Citigroup upgraded Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $87.78.

Silicon Motion Technology Stock Performance

The company has a market cap of $2.60 billion, a price-to-earnings ratio of 32.24, a price-to-earnings-growth ratio of 12.37 and a beta of 0.85. The business has a 50-day simple moving average of $70.87 and a 200-day simple moving average of $58.45.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.54 by $0.15. Silicon Motion Technology had a return on equity of 10.15% and a net margin of 10.36%. The company had revenue of $198.68 million for the quarter, compared to analyst estimates of $180.40 million. During the same quarter in the previous year, the company posted $0.96 earnings per share. The firm's revenue was down 5.7% compared to the same quarter last year. Research analysts anticipate that Silicon Motion Technology Corporation will post 3.08 EPS for the current year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, August 7th. Silicon Motion Technology's payout ratio is 83.97%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC grew its position in Silicon Motion Technology by 61.8% during the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock valued at $58,000 after acquiring an additional 440 shares during the period. GAMMA Investing LLC raised its position in shares of Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock valued at $73,000 after purchasing an additional 529 shares in the last quarter. Signaturefd LLC boosted its stake 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 valued at $84,000 after buying an additional 736 shares during the last quarter. Menard Financial Group LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter valued at approximately $88,000. Finally, Blue Trust Inc. boosted its stake in shares of Silicon Motion Technology by 53.3% during the 2nd 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. 78.02% of the stock is owned by institutional investors and hedge funds.

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.