Silicon Motion Technology (NASDAQ:SIMO) Trading Up 8.7% – Here’s Why

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded up 8.7% during mid-day trading on Tuesday . The stock traded as high as $97.96 and last traded at $101.7560. 38,972 shares were traded during mid-day trading, a decline of 82% from the average session volume of 214,722 shares. The stock had previously closed at $93.58.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. B. Riley raised their target price on Silicon Motion Technology from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Wall Street Zen raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. JPMorgan Chase & Co. upped their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.25.

Silicon Motion Technology Stock Performance

The firm’s 50-day moving average price is $90.52 and its two-hundred day moving average price is $85.05. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 36.46, a PEG ratio of 1.04 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 paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Silicon Motion Technology’s dividend payout ratio is 68.38%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Penn Capital Management Company LLC increased its stake in Silicon Motion Technology by 2.3% during the third quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock worth $552,000 after acquiring an additional 132 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in shares of Silicon Motion Technology by 0.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 17,733 shares of the semiconductor producer’s stock worth $1,333,000 after purchasing an additional 159 shares during the last quarter. Hardy Reed LLC raised its holdings in Silicon Motion Technology by 3.3% in the 3rd quarter. Hardy Reed LLC now owns 4,956 shares of the semiconductor producer’s stock valued at $470,000 after buying an additional 159 shares during the period. US Bancorp DE raised its holdings in Silicon Motion Technology by 1.8% in the 3rd quarter. US Bancorp DE now owns 12,532 shares of the semiconductor producer’s stock valued at $1,188,000 after buying an additional 226 shares during the period. Finally, GAMMA Investing LLC lifted its position in Silicon Motion Technology by 23.3% in the third quarter. GAMMA Investing LLC now owns 1,203 shares of the semiconductor producer’s stock valued at $114,000 after buying an additional 227 shares during the last quarter. 78.02% of the stock is currently 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.