Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $81.67 Average Target Price from Analysts

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have earned a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $81.67.

SIMO has been the topic of a number of recent research reports. Craig Hallum lowered their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their target price for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, Susquehanna dropped their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st.

Silicon Motion Technology Trading Up 2.9 %

SIMO opened at $54.59 on Friday. Silicon Motion Technology has a 12-month low of $50.50 and a 12-month high of $85.87. The firm has a 50 day moving average of $56.52 and a two-hundred day moving average of $67.35. The firm has a market capitalization of $1.84 billion, a PE ratio of 20.10, a P/E/G ratio of 1.46 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter last year, the company posted $0.32 earnings per share. The firm’s revenue was up 23.3% compared to the same quarter last year. As a group, analysts predict that Silicon Motion Technology will post 2.59 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 14th will be issued a $0.50 dividend. The ex-dividend date is Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.66%. Silicon Motion Technology’s dividend payout ratio is presently 75.38%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC lifted its stake in shares of Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after purchasing an additional 825,394 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at about $40,331,000. Farallon Capital Management LLC raised its stake in shares of Silicon Motion Technology by 247.0% in the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after acquiring an additional 608,949 shares during the period. FMR LLC boosted its position in shares of Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock worth $136,032,000 after purchasing an additional 485,862 shares during the period. Finally, Reinhart Partners LLC. boosted its position in shares of Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after buying an additional 326,358 shares during the period. Institutional investors and hedge funds 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.