Silicon Motion Technology’s (SIMO) Outperform Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a report issued on Friday morning, Benzinga reports. They currently have a $85.00 price objective on the semiconductor producer’s stock.

SIMO has been the subject of a number of other reports. Craig Hallum upped their price objective on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. Needham & Company LLC upped their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. B. Riley boosted their price target 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. Finally, JPMorgan Chase & Co. boosted their price target on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of Buy and an average target price of $90.63.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded up $5.04 during trading on Friday, reaching $79.00. The stock had a trading volume of 177,188 shares, compared to its average volume of 440,514. Silicon Motion Technology has a one year low of $49.50 and a one year high of $95.33. The stock has a market cap of $2.66 billion, a PE ratio of 42.02, a P/E/G ratio of 3.98 and a beta of 0.87. The firm’s 50 day moving average price is $74.63 and its two-hundred day moving average price is $65.79.

Silicon Motion Technology (NASDAQ:SIMO) last issued 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. The firm had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. On average, research analysts expect that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio is 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after purchasing an additional 333 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Silicon Motion Technology by 0.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 73,150 shares of the semiconductor producer’s stock valued at $4,482,000 after buying an additional 341 shares during the period. Assetmark Inc. raised its position in Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares during the period. Signaturefd LLC raised its position in Silicon Motion Technology by 183.5% during the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after buying an additional 444 shares during the period. Finally, Covestor Ltd raised its position in Silicon Motion Technology by 76.9% during the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after buying an additional 777 shares during the period. 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.