Silicon Motion Technology (NASDAQ:SIMO) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $56.76 and traded as high as $72.26. Silicon Motion Technology shares last traded at $71.34, with a volume of 630,742 shares.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SIMO shares. Roth Capital upped their target price on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a research note on Wednesday, June 18th. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a report on Wednesday, June 18th. Wedbush restated 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 set a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.89.

Silicon Motion Technology Stock Up 0.2%

The company has a market cap of $2.49 billion, a P/E ratio of 26.28, a price-to-earnings-growth ratio of 11.83 and a beta of 0.85. The stock's 50-day moving average price is $68.29 and its 200 day moving average price is $57.02.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The business had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same quarter last year, the company posted $0.64 earnings per share. Silicon Motion Technology's quarterly revenue was down 12.1% on a year-over-year basis. Analysts expect that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.73%. Silicon Motion Technology's payout ratio is presently 71.33%.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC grew its position 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 valued at $58,000 after purchasing an additional 440 shares during the period. GAMMA Investing LLC raised its stake 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. Signaturefd LLC raised 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 worth $84,000 after purchasing an additional 736 shares in the last quarter. Menard Financial Group LLC bought a new stake in shares of Silicon Motion Technology during the 4th quarter worth approximately $88,000. Finally, LRI Investments LLC raised its stake in shares of Silicon Motion Technology by 519.0% during the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock worth $164,000 after purchasing an additional 2,543 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.