Silicon Motion Technology (NASDAQ:SIMO) Sets New 1-Year High – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO) reached a new 52-week high on Thursday . The stock traded as high as $127.67 and last traded at $117.0580, with a volume of 368461 shares changing hands. The stock had previously closed at $117.81.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Susquehanna raised their price objective on Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a report on Monday, November 3rd. Wall Street Zen upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. B. Riley raised their price target on shares of Silicon Motion Technology from $125.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. William Blair assumed coverage on shares of Silicon Motion Technology in a research note on Thursday. They set an “outperform” rating for the company. Finally, Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $113.13.

Silicon Motion Technology Stock Down 3.4%

The company’s 50-day moving average is $94.63 and its 200-day moving average is $88.34. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 39.09, a PEG ratio of 1.25 and a beta of 1.05.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.8%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 68.38%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. acquired a new stake in Silicon Motion Technology during the third quarter worth $26,000. EverSource Wealth Advisors LLC raised its holdings in Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the period. MeadowBrook Investment Advisors LLC purchased a new position in Silicon Motion Technology during the fourth quarter worth about $71,000. GAMMA Investing LLC boosted its stake in Silicon Motion Technology by 118.3% during the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after buying an additional 529 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Silicon Motion Technology during the second quarter valued at about $75,000. 78.02% of the stock is currently owned by hedge funds and other 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.