Silicon Motion Technology (NASDAQ:SIMO) Board of Directors Initiates Stock Repurchase Program

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) declared that its board has authorized a stock buyback plan on Wednesday, February 5th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SIMO. Wedbush reaffirmed an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Susquehanna cut their price objective 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. Needham & Company LLC restated a "buy" rating and set a $70.00 price target on shares of Silicon Motion Technology in a research note on Friday. Craig Hallum reduced their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Finally, StockNews.com upgraded shares of Silicon Motion Technology from a "hold" rating to a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $80.63.

Silicon Motion Technology Trading Down 5.0 %

SIMO traded down $2.77 during trading on Friday, hitting $52.80. The stock had a trading volume of 579,458 shares, compared to its average volume of 408,092. The firm has a market cap of $1.78 billion, a PE ratio of 19.63, a P/E/G ratio of 1.34 and a beta of 0.79. Silicon Motion Technology has a 12 month low of $48.81 and a 12 month high of $85.87. The company has a 50 day simple moving average of $54.62 and a 200-day simple moving average of $57.47.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.59% and a net margin of 11.29%. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 2.91 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Thursday, February 13th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Thursday, February 13th. Silicon Motion Technology's dividend payout ratio (DPR) is currently 73.98%.

Silicon Motion Technology Company Profile

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.