Silicon Motion Technology Co. (NASDAQ:SIMO) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the nine brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $87.56.

Several equities analysts recently issued reports on the company. Bank of America cut Silicon Motion Technology from a "buy" rating to an "underperform" rating and decreased their price target for the company from $90.00 to $60.00 in a report on Friday, August 16th. Craig Hallum boosted their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a "buy" rating in a research note on Monday, May 6th. B. Riley reduced their price objective on shares of Silicon Motion Technology from $112.00 to $95.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. Needham & Company LLC lifted their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a "buy" rating in a report on Monday, July 8th. Finally, Morgan Stanley raised Silicon Motion Technology from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $59.00 to $88.00 in a research note on Monday, May 6th.

Silicon Motion Technology Price Performance

Shares of SIMO stock traded up $0.63 during trading hours on Friday, reaching $63.57. 176,256 shares of the company were exchanged, compared to its average volume of 381,062. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $85.87. The stock's fifty day moving average is $70.92 and its two-hundred day moving average is $74.26. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 36.12, a P/E/G ratio of 1.00 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The firm had revenue of $210.67 million for the quarter, compared to the consensus estimate of $206.75 million. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business's revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 EPS. On average, research analysts anticipate that Silicon Motion Technology will post 2.86 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Thursday, August 8th. Silicon Motion Technology's dividend payout ratio is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC increased its holdings in Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer's stock worth $34,000 after purchasing an additional 333 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer's stock worth $44,000 after buying an additional 556 shares in the last quarter. Assetmark Inc. raised its position in Silicon Motion Technology by 34.5% in the 4th 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 last quarter. Headlands Technologies LLC bought a new stake in Silicon Motion Technology in the 2nd quarter valued at approximately $139,000. Finally, LRI Investments LLC acquired a new position in Silicon Motion Technology during the 1st quarter worth approximately $150,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.