B. Riley Research Analysts Increase Earnings Estimates for Silicon Motion Technology Co. (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – Investment analysts at B. Riley raised their Q2 2024 earnings per share estimates for shares of Silicon Motion Technology in a report issued on Monday, July 8th. B. Riley analyst C. Ellis now forecasts that the semiconductor producer will post earnings per share of $0.79 for the quarter, up from their previous estimate of $0.70. B. Riley has a “Buy” rating and a $112.00 price objective on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.81 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.74 EPS and FY2024 earnings at $2.57 EPS.

A number of other analysts also recently commented on SIMO. Craig Hallum increased their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, May 6th. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $59.00 to $88.00 in a research note on Monday, May 6th. Susquehanna increased their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research report on Monday, May 6th. Finally, Needham & Company LLC lifted their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research report on Monday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $93.13.

Silicon Motion Technology Stock Up 1.0 %

Silicon Motion Technology stock opened at $80.57 on Thursday. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $95.33. The company’s 50 day moving average price is $79.74 and its two-hundred day moving average price is $73.26. The stock has a market cap of $2.71 billion, a P/E ratio of 45.78, a P/E/G ratio of 0.78 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. The company had revenue of $189.31 million for the quarter, compared to analyst estimates of $180.23 million.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.48%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently modified their holdings of the business. Kodai Capital Management LP bought a new stake in Silicon Motion Technology during the 4th quarter valued at $44,073,000. Caxton Associates LP purchased a new stake in Silicon Motion Technology during the 4th quarter worth about $3,494,000. Keeley Teton Advisors LLC boosted its stake in Silicon Motion Technology by 132.2% in the 4th quarter. Keeley Teton Advisors LLC now owns 20,875 shares of the semiconductor producer’s stock worth $1,279,000 after purchasing an additional 11,885 shares during the period. Russell Investments Group Ltd. grew its holdings in Silicon Motion Technology by 3,282.3% during the 4th quarter. Russell Investments Group Ltd. now owns 71,807 shares of the semiconductor producer’s stock valued at $4,386,000 after buying an additional 69,684 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in Silicon Motion Technology during the 4th quarter valued at about $3,080,000. 78.02% of the stock is currently 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.