Silicon Motion Technology (NASDAQ:SIMO) Upgraded to Overweight by Morgan Stanley

Morgan Stanley upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from an equal weight rating to an overweight rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $88.00 price objective on the semiconductor producer’s stock, up from their previous price objective of $59.00.

Several other equities analysts have also weighed in on SIMO. Craig Hallum raised their price objective on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a buy rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Needham & Company LLC raised their target price on Silicon Motion Technology from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 10th. Wedbush reaffirmed an outperform rating and set a $85.00 price objective on shares of Silicon Motion Technology in a research report on Friday. Finally, B. Riley raised their target price on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Silicon Motion Technology currently has an average rating of Buy and a consensus target price of $91.13.

Silicon Motion Technology Trading Up 6.3 %

Shares of Silicon Motion Technology stock opened at $78.58 on Monday. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33. The company has a market cap of $2.65 billion, a P/E ratio of 44.65, a P/E/G ratio of 3.98 and a beta of 0.87. The stock has a 50-day moving average price of $74.80 and a 200 day moving average price of $65.95.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The business had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. On average, equities analysts forecast that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a $0.50 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $2.00 annualized dividend and a yield of 2.55%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SIMO. SG Americas Securities LLC boosted its position in shares of Silicon Motion Technology by 11.5% during the first quarter. SG Americas Securities LLC now owns 37,916 shares of the semiconductor producer’s stock worth $2,917,000 after purchasing an additional 3,899 shares in the last quarter. Lester Murray Antman dba SimplyRich bought a new position in shares of Silicon Motion Technology in the first quarter valued at $220,000. Easterly Investment Partners LLC grew its holdings in Silicon Motion Technology by 0.9% during the first quarter. Easterly Investment Partners LLC now owns 246,397 shares of the semiconductor producer’s stock worth $18,958,000 after purchasing an additional 2,128 shares during the period. Chase Investment Counsel Corp acquired a new position in shares of Silicon Motion Technology in the first quarter valued at $2,303,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Silicon Motion Technology by 14.4% in the first quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock valued at $6,437,000 after purchasing an additional 10,513 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

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.