Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Up Following Dividend Announcement

Silicon Motion Technology Co. (NASDAQ:SIMO) shares gapped up prior to trading on Friday following a dividend announcement from the company. The stock had previously closed at $73.40, but opened at $78.82. Silicon Motion Technology shares last traded at $75.73, with a volume of 346,459 shares traded.

The newly announced dividend which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio is currently 125.95%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SIMO. Craig Hallum upped their price target on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. B. Riley upped their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Wedbush reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a report on Friday. Finally, Needham & Company LLC upped their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $87.57.

Silicon Motion Technology Price Performance

The company has a 50-day moving average price of $74.63 and a 200-day moving average price of $65.64. The firm has a market capitalization of $2.44 billion, a PE ratio of 46.81, a P/E/G ratio of 3.86 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. The firm had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. On average, research analysts predict that Silicon Motion Technology Co. will post 2.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently modified their holdings of SIMO. Reinhart Partners LLC. acquired a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $22,065,000. Inspire Advisors LLC acquired a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $646,000. Skylands Capital LLC grew its stake in Silicon Motion Technology by 46.7% during the 3rd quarter. Skylands Capital LLC now owns 35,200 shares of the semiconductor producer’s stock valued at $1,804,000 after purchasing an additional 11,200 shares in the last quarter. Assetmark Inc. acquired a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $51,000. Finally, Signaturefd LLC grew its stake in Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after purchasing an additional 444 shares in the last quarter. Institutional investors and hedge funds 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.