Silicon Motion Technology (NASDAQ:SIMO) Shares Up 6.5% – Here’s What Happened

Silicon Motion Technology Co. (NASDAQ:SIMO) shares shot up 6.5% during mid-day trading on Tuesday . The stock traded as high as $57.51 and last traded at $57.47. 300,957 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 373,192 shares. The stock had previously closed at $53.95.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SIMO shares. Roth Mkm reduced their price objective 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. B. Riley decreased their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Craig Hallum dropped their target price on 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. Needham & Company LLC decreased 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. Finally, Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 1.44 and a beta of 0.82. The firm’s 50 day simple moving average is $56.12 and its 200 day simple moving average is $65.98.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping 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%. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $0.32 EPS. As a group, sell-side analysts forecast that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s payout ratio is presently 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

Several large investors have recently made changes to their positions in the company. Naples Global Advisors LLC raised its position in Silicon Motion Technology by 3.1% during the second quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock worth $1,410,000 after acquiring an additional 525 shares during the period. Reinhart Partners LLC. raised its position in Silicon Motion Technology by 2.4% in the second quarter. Reinhart Partners LLC. now owns 754,017 shares of the semiconductor producer’s stock valued at $61,068,000 after purchasing an additional 17,646 shares during the period. Blue Trust Inc. lifted its stake in Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 556 shares in the last quarter. LRI Investments LLC lifted its position in shares of Silicon Motion Technology by 100.1% during the second quarter. LRI Investments LLC now owns 3,987 shares of the semiconductor producer’s stock worth $323,000 after purchasing an additional 1,994 shares in the last quarter. Finally, F M Investments LLC purchased a new position in Silicon Motion Technology in the 2nd quarter valued at approximately $12,718,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.