Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Average Rating of “Moderate Buy” by Brokerages

Silicon Motion Technology Corporation (NASDAQ:SIMO) has been assigned an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $113.1250.

A number of equities analysts recently commented on the stock. Roth Capital reaffirmed a “buy” rating and set a $120.00 price target on shares of Silicon Motion Technology in a research report on Friday, October 31st. Wedbush set a $120.00 target price on shares of Silicon Motion Technology in a report on Monday, November 3rd. JPMorgan Chase & Co. boosted their price target on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Wall Street Zen raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Silicon Motion Technology in a report on Monday, November 3rd.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology during the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC raised its position in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in Silicon Motion Technology during the fourth quarter worth $71,000. GAMMA Investing LLC boosted its holdings in shares of Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock valued at $73,000 after purchasing an additional 529 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $75,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $112.87 on Wednesday. The stock’s fifty day moving average price is $93.33 and its two-hundred day moving average price is $87.60. Silicon Motion Technology has a one year low of $37.21 and a one year high of $123.30. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 38.79, a P/E/G ratio of 1.25 and a beta of 1.05.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s payout ratio is 68.38%.

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.