Silicon Motion Technology (NASDAQ:SIMO) Upgraded at StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research report report published on Tuesday.

Other equities analysts have also recently issued research reports about the stock. Susquehanna dropped their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Morgan Stanley dropped their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Roth Mkm reduced their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Finally, B. Riley dropped their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $56.20 on Tuesday. The company has a market capitalization of $1.89 billion, a PE ratio of 21.29, a P/E/G ratio of 1.55 and a beta of 0.82. The firm has a fifty day simple moving average of $56.00 and a 200 day simple moving average of $65.70. Silicon Motion Technology has a twelve month low of $50.50 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same quarter in the previous year, the business posted $0.32 EPS. Silicon Motion Technology’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, equities analysts expect that Silicon Motion Technology will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Silicon Motion Technology by 27.7% during the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after purchasing an additional 485,862 shares during the period. Reinhart Partners LLC. boosted its position in Silicon Motion Technology by 43.3% during the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after buying an additional 326,358 shares during the period. Millennium Management LLC grew its holdings in Silicon Motion Technology by 15.3% in the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock worth $64,130,000 after acquiring an additional 105,084 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Silicon Motion Technology in the third quarter valued at about $40,331,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Silicon Motion Technology by 36.4% during the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock valued at $34,671,000 after acquiring an additional 152,467 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.