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

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

SIMO has been the subject of several analyst reports. Bank of America lowered shares of Silicon Motion Technology from a "buy" rating to an "underperform" rating and lowered their price target for the stock from $90.00 to $60.00 in a report on Friday, August 16th. StockNews.com raised shares of Silicon Motion Technology from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Needham & Company LLC dropped their price target on shares of Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Morgan Stanley cut their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, September 16th. Finally, Wedbush reiterated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently modified their holdings of SIMO. Cerity Partners LLC bought a new position in shares of Silicon Motion Technology in the third quarter worth approximately $1,826,000. Harbor Capital Advisors Inc. lifted its holdings in shares of Silicon Motion Technology by 95.7% during the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer's stock valued at $7,793,000 after purchasing an additional 62,733 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Silicon Motion Technology by 6,186.7% in the second quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer's stock worth $3,766,000 after acquiring an additional 46,400 shares during the last quarter. FMR LLC raised its holdings in Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock worth $136,032,000 after buying an additional 485,862 shares during the last quarter. Finally, Resolute Capital Asset Partners LLC increased its holdings in shares of Silicon Motion Technology by 44.4% in the 2nd quarter. Resolute Capital Asset Partners LLC now owns 65,000 shares of the semiconductor producer's stock worth $5,264,000 after purchasing an additional 20,000 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded down $0.91 during mid-day trading on Tuesday, reaching $56.12. The company had a trading volume of 308,671 shares, compared to its average volume of 372,175. Silicon Motion Technology has a one year low of $50.50 and a one year high of $85.87. The business's 50-day simple moving average is $55.78 and its 200 day simple moving average is $65.05. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.55 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) 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. The company had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. Silicon Motion Technology's revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. On average, sell-side analysts anticipate that Silicon Motion Technology will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

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

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.