Silicon Motion Technology (NASDAQ:SIMO) Sees Strong Trading Volume on Analyst Upgrade

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) saw strong trading volume on Monday after Susquehanna raised their price target on the stock from $100.00 to $110.00. Susquehanna currently has a positive rating on the stock. 432,624 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 441,961 shares.The stock last traded at $80.68 and had previously closed at $73.96.

Other research analysts also recently issued reports about the company. Craig Hallum boosted their price objective on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research note on Monday. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a report on Monday. B. Riley upped their target price on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Morgan Stanley raised shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $59.00 to $88.00 in a report on Monday. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $90.63.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Lester Murray Antman dba SimplyRich bought a new stake in Silicon Motion Technology in the first quarter worth about $220,000. Easterly Investment Partners LLC lifted its stake in shares of 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 buying an additional 2,128 shares during the period. Chase Investment Counsel Corp acquired a new stake in shares of Silicon Motion Technology during the first quarter worth $2,303,000. Janney Montgomery Scott LLC lifted its position in Silicon Motion Technology by 14.4% during 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 period. Finally, BNP Paribas Financial Markets grew its position in shares of Silicon Motion Technology by 69.7% during the 1st quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock valued at $646,000 after acquiring an additional 3,449 shares during the period. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 9.1 %

The firm’s fifty day moving average is $74.63 and its 200 day moving average is $65.79. The company has a market cap of $2.72 billion, a PE ratio of 45.01, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.51 by $0.12. The firm had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. As a group, sell-side analysts anticipate that Silicon Motion Technology Co. will post 2.65 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.48%. Silicon Motion Technology’s payout ratio is currently 113.07%.

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.