B. Riley Equities Analysts Boost Earnings Estimates for Silicon Motion Technology Co. (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – Analysts at B. Riley lifted their Q2 2024 earnings per share estimates for Silicon Motion Technology in a research report issued to clients and investors on Monday, July 8th. B. Riley analyst C. Ellis now forecasts that the semiconductor producer will post earnings of $0.79 per share for the quarter, up from their prior estimate of $0.70. B. Riley currently has a “Buy” rating and a $112.00 target price on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.83 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.74 EPS and FY2024 earnings at $2.57 EPS.

SIMO has been the topic of a number of other reports. Craig Hallum upped their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, May 6th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $59.00 to $88.00 in a research report on Monday, May 6th. Susquehanna raised their price target on Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research report on Monday, May 6th. Finally, Needham & Company LLC lifted their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $93.13.

Silicon Motion Technology Trading Up 0.8 %

Shares of SIMO stock opened at $80.69 on Thursday. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33. The firm’s 50 day moving average is $80.01 and its 200-day moving average is $73.45. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 0.75 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.07. The firm had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were given a $0.50 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.48%. Silicon Motion Technology’s payout ratio is 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SIMO. Harbor Capital Advisors Inc. increased its stake in shares of Silicon Motion Technology by 273.6% during the second quarter. Harbor Capital Advisors Inc. now owns 65,566 shares of the semiconductor producer’s stock worth $5,310,000 after purchasing an additional 48,015 shares during the period. Farallon Capital Management LLC increased its position in Silicon Motion Technology by 247.0% during the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after buying an additional 608,949 shares during the period. LRI Investments LLC acquired a new stake in shares of Silicon Motion Technology during the first quarter worth $150,000. Kennedy Capital Management LLC lifted its holdings in shares of Silicon Motion Technology by 71.9% during the first quarter. Kennedy Capital Management LLC now owns 220,906 shares of the semiconductor producer’s stock worth $16,997,000 after buying an additional 92,386 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC bought a new stake in shares of Silicon Motion Technology in the first quarter valued at about $8,191,000. 78.02% of the stock is owned by 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.