Silicon Motion Technology (NASDAQ:SIMO) Issues Quarterly Earnings Results

Silicon Motion Technology (NASDAQ:SIMO) announced its quarterly earnings data on Wednesday. The semiconductor producer reported $1.91 earnings per share for the quarter, missing the consensus estimate of $3.30 by ($1.39), Zacks reports. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.

Silicon Motion Technology Stock Up 7.6%

SIMO stock traded up $15.44 during trading on Wednesday, hitting $219.61. 1,495,604 shares of the company’s stock traded hands, compared to its average volume of 880,626. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 0.33 and a beta of 1.69. Silicon Motion Technology has a 52 week low of $79.76 and a 52 week high of $355.00. The stock has a fifty day moving average price of $250.60 and a two-hundred day moving average price of $211.95.

Silicon Motion Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be paid a dividend of $0.5750 per share. The ex-dividend date is Thursday, November 5th. This is a positive change from Silicon Motion Technology’s previous quarterly dividend of $0.50. This represents a $2.30 annualized dividend and a yield of 1.0%. Silicon Motion Technology’s payout ratio is presently 26.85%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SIMO. Zacks Research lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Craig Hallum reiterated a “buy” rating and issued a $325.00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. B. Riley Financial lowered their price objective on Silicon Motion Technology from $350.00 to $288.00 and set a “buy” rating for the company in a report on Friday, October 23rd. Roth Capital restated a “buy” rating and set a $350.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Finally, China Renaissance initiated coverage on Silicon Motion Technology in a report on Wednesday. They set a “buy” rating and a $300.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $328.50.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.