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 research report released on Friday.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Wedbush restated an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research report on Friday. Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. B. Riley increased their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Finally, Craig Hallum lifted their target price on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of Buy and a consensus price target of $87.57.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $73.96 on Friday. Silicon Motion Technology has a one year low of $49.50 and a one year high of $95.33. The firm has a market capitalization of $2.44 billion, a P/E ratio of 42.02, a PEG ratio of 3.95 and a beta of 0.87. The company’s fifty day moving average is $74.63 and its two-hundred day moving average is $65.64.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 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 firm had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. On average, sell-side analysts forecast that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.70%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SIMO. Alpine Associates Management Inc. boosted its holdings in shares of Silicon Motion Technology by 0.3% during the fourth quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock worth $58,544,000 after purchasing an additional 3,300 shares during the last quarter. Hawk Ridge Capital Management LP boosted its stake in Silicon Motion Technology by 63.1% in the 3rd quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock worth $48,409,000 after buying an additional 365,461 shares during the last quarter. Segantii Capital Management Ltd boosted its stake in Silicon Motion Technology by 178.0% in the 3rd quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after buying an additional 533,991 shares during the last quarter. Wellington Management Group LLP grew its holdings in Silicon Motion Technology by 1,250.9% in the 3rd quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after buying an additional 758,640 shares during the period. Finally, Cooper Creek Partners Management LLC increased its stake in shares of Silicon Motion Technology by 771.4% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after acquiring an additional 673,278 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.