Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Up Following Dividend Announcement

Silicon Motion Technology Co. (NASDAQ:SIMO) gapped up prior to trading on Friday after the company announced a dividend. The stock had previously closed at $73.40, but opened at $78.82. Silicon Motion Technology shares last traded at $75.73, with a volume of 346,459 shares.

The newly announced dividend which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Craig Hallum lifted their price objective on Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Wedbush reissued an “outperform” rating and set a $85.00 price target on shares of Silicon Motion Technology in a report on Friday. Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. B. Riley raised their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Buy” and an average price target of $87.57.

Silicon Motion Technology Price Performance

The stock’s 50 day simple moving average is $74.63 and its two-hundred day simple moving average is $65.71. The company has a market capitalization of $2.44 billion, a P/E ratio of 42.02, a P/E/G ratio of 3.95 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The business had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. As a group, equities research analysts expect that Silicon Motion Technology Co. will post 2.65 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Associates Management Inc. increased its position 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 worth $58,544,000 after purchasing an additional 3,300 shares during the period. Hawk Ridge Capital Management LP raised its stake in shares of Silicon Motion Technology by 63.1% during the third quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock worth $48,409,000 after buying an additional 365,461 shares during the last quarter. Segantii Capital Management Ltd lifted its holdings 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 buying an additional 533,991 shares during the period. Wellington Management Group LLP boosted 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 acquiring an additional 758,640 shares during the last quarter. Finally, Cooper Creek Partners Management LLC boosted 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 acquiring an additional 673,278 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

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.