Silicon Motion Technology (NASDAQ:SIMO) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a report published on Thursday.

Other equities analysts have also issued reports about the company. Craig Hallum reduced their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Roth Mkm dropped their price objective on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Needham & Company LLC cut their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Morgan Stanley lowered their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Down 3.5 %

Shares of SIMO opened at $53.23 on Thursday. The business’s fifty day moving average is $55.34 and its 200 day moving average is $64.23. Silicon Motion Technology has a 12-month low of $50.50 and a 12-month high of $85.87. The stock has a market cap of $1.79 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.61 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. On average, analysts expect that Silicon Motion Technology will post 2.59 EPS for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is currently 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently bought and sold shares of SIMO. FMR LLC boosted its position in Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares during the period. Lord Abbett & CO. LLC raised its position in Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after purchasing an additional 196,609 shares during the last quarter. Reinhart Partners LLC. lifted its holdings in Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after buying an additional 326,358 shares during the period. Millennium Management LLC grew its position in shares of Silicon Motion Technology by 15.3% in the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock worth $64,130,000 after buying an additional 105,084 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new position in shares of Silicon Motion Technology during the third quarter valued at approximately $40,331,000. 78.02% of the stock is 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.