B. Riley Has Negative Outlook for SIMO FY2024 Earnings

Silicon Motion Technology Co. (NASDAQ:SIMO) – B. Riley reduced their FY2024 earnings per share estimates for Silicon Motion Technology in a research note issued on Tuesday, January 7th. B. Riley analyst C. Ellis now expects that the semiconductor producer will post earnings of $2.49 per share for the year, down from their prior forecast of $2.53. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.59 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q1 2025 earnings at $0.30 EPS, Q2 2025 earnings at $0.44 EPS, Q3 2025 earnings at $0.74 EPS, Q2 2026 earnings at $0.80 EPS and FY2026 earnings at $3.58 EPS.

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.

SIMO has been the subject of several other reports. Needham & Company LLC reduced their price target on 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. Morgan Stanley decreased their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Roth Mkm dropped their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. Susquehanna decreased their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. Finally, Craig Hallum dropped their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $55.17 on Thursday. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The firm has a market capitalization of $1.86 billion, a P/E ratio of 20.90, a PEG ratio of 1.61 and a beta of 0.80. The stock has a 50-day simple moving average of $54.88 and a two-hundred day simple moving average of $61.46.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is presently 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in Silicon Motion Technology by 139.3% in the 2nd quarter. Principal Financial Group Inc. now owns 17,020 shares of the semiconductor producer’s stock valued at $1,378,000 after purchasing an additional 9,909 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Silicon Motion Technology by 29.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 11,788 shares of the semiconductor producer’s stock worth $955,000 after purchasing an additional 2,714 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Silicon Motion Technology by 6,186.7% during the second quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer’s stock worth $3,766,000 after buying an additional 46,400 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at about $139,000. Finally, HHM Wealth Advisors LLC purchased a new position in shares of Silicon Motion Technology in the second quarter worth about $223,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.