Brokerages Set Silicon Motion Technology Co. (NASDAQ:SIMO) PT at $80.63

Silicon Motion Technology Co. (NASDAQ:SIMO) has received an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $80.63.

A number of brokerages have recently weighed in on SIMO. StockNews.com lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective on shares of Silicon Motion Technology in a report on Friday, February 7th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Monday, December 23rd.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $55.80 on Thursday. The business’s 50-day moving average is $54.12 and its 200 day moving average is $55.48. Silicon Motion Technology has a 1 year low of $48.81 and a 1 year high of $85.87. The firm has a market capitalization of $1.88 billion, a P/E ratio of 20.74, a P/E/G ratio of 1.36 and a beta of 0.71.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. On average, analysts expect that Silicon Motion Technology will post 3.08 EPS for the current year.

Silicon Motion Technology announced that its Board of Directors has approved a share repurchase program on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.58%. Silicon Motion Technology’s payout ratio is 74.35%.

Institutional Trading of Silicon Motion Technology

A number of hedge funds have recently modified their holdings of SIMO. Advisors Asset Management Inc. boosted its stake in shares of Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after buying an additional 251 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after buying an additional 484 shares during the last quarter. Menard Financial Group LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter worth about $88,000. Blue Trust Inc. boosted its stake in shares of Silicon Motion Technology by 64.7% in the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after buying an additional 883 shares during the last quarter. Finally, LRI Investments LLC boosted its stake in shares of Silicon Motion Technology by 519.0% in the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock worth $164,000 after buying an additional 2,543 shares during the last quarter. Hedge funds and other 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.