Silicon Motion Technology Co. (SIMO) to Issue Quarterly Dividend of $0.50 on May 23rd

Silicon Motion Technology Co. (NASDAQ:SIMO) announced a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Stockholders of record on Thursday, May 9th will be given a dividend of 0.50 per share by the semiconductor producer on Thursday, May 23rd. This represents a $2.00 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Wednesday, May 8th.

Silicon Motion Technology has decreased its dividend by an average of 29.1% per year over the last three years. Silicon Motion Technology has a payout ratio of 42.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Silicon Motion Technology to earn $4.02 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 49.8%.

Silicon Motion Technology Trading Up 1.6 %

NASDAQ SIMO opened at $73.73 on Thursday. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 46.66, a PEG ratio of 3.91 and a beta of 0.85. The company has a 50 day moving average of $73.93 and a 200-day moving average of $64.87. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data 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. The company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. On average, analysts forecast that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on SIMO shares. Needham & Company LLC raised their price target on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Wedbush reissued an “outperform” rating and issued a $85.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 10th. B. Riley raised their price target on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. 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 note on Wednesday, February 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.57.

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.