Silicon Motion Technology Co. (NASDAQ:SIMO) Declares Quarterly Dividend of $0.50

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) announced a quarterly dividend on Monday, October 28th, Zacks reports. Shareholders of record on Thursday, November 14th will be given a dividend of 0.50 per share by the semiconductor producer on Wednesday, November 27th. This represents a $2.00 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Thursday, November 14th.

Silicon Motion Technology has decreased its dividend by an average of 29.1% per year over the last three years. Silicon Motion Technology has a payout ratio of 45.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Silicon Motion Technology to earn $3.61 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 55.4%.

Silicon Motion Technology Stock Up 2.0 %

Shares of Silicon Motion Technology stock traded up $1.13 during trading on Tuesday, hitting $57.83. The stock had a trading volume of 241,007 shares, compared to its average volume of 378,307. The company has a market capitalization of $1.95 billion, a PE ratio of 24.23, a P/E/G ratio of 0.88 and a beta of 0.83. Silicon Motion Technology has a 1 year low of $52.65 and a 1 year high of $85.87. The stock has a 50 day simple moving average of $59.14 and a 200 day simple moving average of $69.67.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company had revenue of $210.67 million for the quarter, compared to the consensus estimate of $206.75 million. During the same period in the previous year, the business earned $0.33 EPS. The company's revenue was up 50.1% on a year-over-year basis. As a group, equities analysts expect that Silicon Motion Technology will post 2.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SIMO shares. Needham & Company LLC increased their price target 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, July 8th. Bank of America cut shares of Silicon Motion Technology from a "buy" rating to an "underperform" rating and lowered their price target for the company from $90.00 to $60.00 in a report on Friday, August 16th. 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 note on Monday, August 5th. Wedbush reissued an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Finally, StockNews.com upgraded Silicon Motion Technology from a "hold" rating to a "buy" rating in a research note on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $86.11.

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.