Silicon Motion Technology (NASDAQ:SIMO) Upgraded at StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a report published on Friday.

Several other equities research analysts also recently commented on SIMO. JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a report on Thursday, February 8th. Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 10th. B. Riley upped their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a buy rating in a report on Wednesday, April 10th. Wedbush reissued an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a report on Friday. Finally, Craig Hallum increased their price target on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a report on Wednesday, February 7th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $90.63.

Silicon Motion Technology Stock Performance

SIMO opened at $76.50 on Friday. The firm has a market cap of $2.58 billion, a P/E ratio of 42.02, a PEG ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The firm has a 50-day moving average of $74.63 and a 200 day moving average of $65.79.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.51 by $0.12. The business had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. Equities research analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Alpine Associates Management Inc. raised its stake in Silicon Motion Technology by 0.3% in the fourth quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after purchasing an additional 3,300 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in Silicon Motion Technology by 63.1% in the third quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock valued at $48,409,000 after purchasing an additional 365,461 shares in the last quarter. Segantii Capital Management Ltd raised its stake in Silicon Motion Technology by 178.0% in the third quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock valued at $42,742,000 after purchasing an additional 533,991 shares in the last quarter. Wellington Management Group LLP raised its stake in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after purchasing an additional 758,640 shares in the last quarter. Finally, Cooper Creek Partners Management LLC raised its stake in Silicon Motion Technology by 771.4% in the third quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after purchasing an additional 673,278 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.