Silicon Motion Technology (NASDAQ:SIMO) Reaches New 52-Week High – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $108.00 and last traded at $105.21, with a volume of 1328435 shares changing hands. The stock had previously closed at $93.58.

Analyst Ratings Changes

SIMO has been the topic of several recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. B. Riley lifted their price objective on shares of Silicon Motion Technology from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Wedbush set a $120.00 target price on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Finally, Susquehanna boosted their price target on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a research note on Monday, November 3rd. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average target price of $111.25.

Silicon Motion Technology Trading Up 12.4%

The business has a 50-day moving average price of $90.62 and a 200 day moving average price of $85.30. The stock has a market capitalization of $3.58 billion, a P/E ratio of 36.15, a P/E/G ratio of 1.04 and a beta of 1.05.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, August 6th. Silicon Motion Technology’s dividend payout ratio is currently 68.38%.

Institutional Investors Weigh In On Silicon Motion Technology

Several large investors have recently added to or reduced their stakes in SIMO. Penn Capital Management Company LLC lifted its stake in shares of Silicon Motion Technology by 2.3% in the 3rd quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock valued at $552,000 after purchasing an additional 132 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in Silicon Motion Technology by 0.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 17,733 shares of the semiconductor producer’s stock valued at $1,333,000 after buying an additional 159 shares during the period. Hardy Reed LLC lifted its position in Silicon Motion Technology by 3.3% in the third quarter. Hardy Reed LLC now owns 4,956 shares of the semiconductor producer’s stock worth $470,000 after buying an additional 159 shares during the last quarter. US Bancorp DE lifted its position in Silicon Motion Technology by 1.8% in the third quarter. US Bancorp DE now owns 12,532 shares of the semiconductor producer’s stock worth $1,188,000 after buying an additional 226 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Silicon Motion Technology by 23.3% during the third quarter. GAMMA Investing LLC now owns 1,203 shares of the semiconductor producer’s stock valued at $114,000 after acquiring an additional 227 shares during the last quarter. 78.02% of the stock is owned by 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.