Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $87.57 Average Price Target from Analysts

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have been assigned an average rating of “Buy” from the six research firms that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $87.57.

SIMO has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. B. Riley lifted their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Needham & Company LLC boosted their price target on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Wedbush reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 10th. Finally, Craig Hallum boosted their target price on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $71.70 on Monday. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $95.33. The company has a market cap of $2.37 billion, a PE ratio of 45.38, a price-to-earnings-growth ratio of 4.05 and a beta of 0.85. The firm has a 50 day simple moving average of $74.45 and a 200 day simple moving average of $65.46.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. The company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. On average, equities analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.79%. Silicon Motion Technology’s payout ratio is currently 125.95%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors have recently modified their holdings of the company. GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in Silicon Motion Technology by 127.3% in the 3rd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 60,909 shares of the semiconductor producer’s stock valued at $3,122,000 after buying an additional 34,111 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Silicon Motion Technology in the third quarter valued at about $837,000. Canada Pension Plan Investment Board bought a new position in shares of Silicon Motion Technology in the third quarter worth about $636,000. Invesco Ltd. acquired a new position in shares of Silicon Motion Technology during the 3rd quarter worth about $32,024,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $15,512,000. Institutional investors own 78.02% of the company’s stock.

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.