Silicon Motion Technology Co. (NASDAQ:SIMO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO) has been assigned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $81.67.

Several equities research analysts have issued reports on the stock. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, November 4th. 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 report on Thursday, October 31st. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, Morgan Stanley dropped their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th.

Silicon Motion Technology Stock Up 3.7 %

SIMO stock opened at $54.02 on Friday. Silicon Motion Technology has a 52 week low of $50.50 and a 52 week high of $85.87. The firm has a 50-day simple moving average of $57.01 and a 200-day simple moving average of $68.07. The stock has a market capitalization of $1.82 billion, a P/E ratio of 20.46, a P/E/G ratio of 1.39 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. The business had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 earnings per share. On average, analysts expect that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date is Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is presently 75.38%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Silicon Motion Technology by 34.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,700 shares of the semiconductor producer’s stock valued at $362,000 after purchasing an additional 1,200 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Silicon Motion Technology by 69.7% in the first quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock worth $646,000 after acquiring an additional 3,449 shares in the last quarter. Sei Investments Co. grew its stake in shares of Silicon Motion Technology by 207.3% in the first quarter. Sei Investments Co. now owns 56,039 shares of the semiconductor producer’s stock worth $4,312,000 after acquiring an additional 37,806 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Silicon Motion Technology by 59.4% during the first quarter. Russell Investments Group Ltd. now owns 114,457 shares of the semiconductor producer’s stock worth $8,762,000 after acquiring an additional 42,650 shares during the period. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Silicon Motion Technology in the first quarter valued at $204,000. 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.