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

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nine research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating and eight have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $81.67.

SIMO has been the topic of several analyst reports. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Monday, December 23rd. Craig Hallum cut their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Roth Mkm decreased 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. 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. Finally, Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, November 1st.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock traded up $0.50 during mid-day trading on Friday, reaching $55.15. 116,641 shares of the company traded hands, compared to its average volume of 145,070. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 1.61 and a beta of 0.80. The firm's fifty day moving average is $54.94 and its two-hundred day moving average is $62.20. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $212.40 million during the quarter, compared to analysts' expectations of $209.49 million. During the same quarter last year, the company posted $0.32 earnings per share. The firm's revenue was up 23.3% compared to the same quarter last year. As a group, equities research analysts predict that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology's payout ratio is 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds have recently made changes to their positions in the company. FMR LLC increased its position 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 worth $136,032,000 after purchasing an additional 485,862 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer's stock worth $67,051,000 after purchasing an additional 196,609 shares during the last quarter. Reinhart Partners LLC. boosted its stake 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 worth $65,622,000 after purchasing an additional 326,358 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer's stock worth $64,130,000 after buying an additional 105,084 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of Silicon Motion Technology in the third quarter valued at about $40,331,000. Institutional investors and hedge funds own 78.02% of the company's stock.

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.