B. Riley Analysts Increase Earnings Estimates for Silicon Motion Technology Co. (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – Stock analysts at B. Riley lifted their Q3 2024 earnings per share (EPS) estimates for shares of Silicon Motion Technology in a research report issued to clients and investors on Tuesday, October 8th. B. Riley analyst C. Ellis now forecasts that the semiconductor producer will post earnings of $0.68 per share for the quarter, up from their previous forecast of $0.56. B. Riley has a “Buy” rating and a $95.00 price target on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.80 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $2.88 EPS, Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $1.03 EPS, Q4 2025 earnings at $1.06 EPS, FY2025 earnings at $3.48 EPS, Q1 2026 earnings at $0.96 EPS, Q2 2026 earnings at $1.15 EPS and FY2026 earnings at $5.01 EPS.

Several other brokerages have also issued reports on SIMO. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Needham & Company LLC increased their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Roth Mkm lowered their price objective on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Finally, Morgan Stanley lowered their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $86.11.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $60.25 on Friday. The business’s 50 day simple moving average is $60.28 and its two-hundred day simple moving average is $71.62. The firm has a market cap of $2.03 billion, a P/E ratio of 25.75, a PEG ratio of 0.96 and a beta of 0.83. Silicon Motion Technology has a 52-week low of $51.85 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The company had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter in the previous year, the firm earned $0.33 EPS. Silicon Motion Technology’s revenue was up 50.1% on a year-over-year basis.

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. Virtu Financial LLC purchased a new stake in shares of Silicon Motion Technology during the fourth quarter valued at approximately $718,000. Goldman Sachs Group Inc. increased its position in Silicon Motion Technology by 615.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock worth $19,379,000 after buying an additional 272,103 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Silicon Motion Technology by 48.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock worth $155,000 after buying an additional 821 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in Silicon Motion Technology in the fourth quarter worth $3,080,000. Finally, Reinhart Partners LLC. increased its position in Silicon Motion Technology by 5.1% in the first quarter. Reinhart Partners LLC. now owns 736,371 shares of the semiconductor producer’s stock worth $56,656,000 after buying an additional 35,623 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s payout ratio is 85.04%.

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.