Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO - Free Report) from a hold rating to a buy rating in a research report released on Thursday morning.

Several other equities analysts have also recently commented on SIMO. Susquehanna lowered 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 report on Friday, November 1st. Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Needham & Company LLC lowered their price target on Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Craig Hallum dropped their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Finally, Morgan Stanley dropped their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $81.67.

Silicon Motion Technology Stock Down 3.5 %

NASDAQ:SIMO traded down $1.95 during trading hours on Thursday, reaching $53.23. 345,919 shares of the company's stock were exchanged, compared to its average volume of 371,064. The company has a market capitalization of $1.79 billion, a P/E ratio of 20.16, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. Silicon Motion Technology has a 12 month low of $50.50 and a 12 month high of $85.87. The business's 50-day simple moving average is $55.48 and its two-hundred day simple moving average is $64.31.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $209.49 million. During the same quarter last year, the business posted $0.32 EPS. The company's revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.50 dividend. The ex-dividend date was Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.76%. Silicon Motion Technology's dividend payout ratio (DPR) is currently 75.76%.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC raised 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 buying an additional 196,609 shares during the period. 272 Capital LP lifted its holdings in shares of Silicon Motion Technology by 55.3% during the 3rd quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer's stock valued at $6,158,000 after purchasing an additional 36,092 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $13,211,000. Geode Capital Management LLC raised its holdings in Silicon Motion Technology by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer's stock worth $2,183,000 after buying an additional 253 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new position in Silicon Motion Technology in the third quarter valued at approximately $5,904,000. 78.02% of the stock is owned by institutional investors.

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.