Silicon Motion Technology (NASDAQ:SIMO) Receives Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research note released on Thursday morning,RTT News reports. The firm currently has a $115.00 price objective on the semiconductor producer’s stock, up from their previous price objective of $100.00.

Several other research firms have also recently commented on SIMO. Susquehanna upped their price target on Silicon Motion Technology from $90.00 to $95.00 and gave the stock a “positive” rating in a research note on Friday, August 1st. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, October 24th. Craig Hallum upped their price objective on Silicon Motion Technology from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Needham & Company LLC upped their price objective on Silicon Motion Technology from $65.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Finally, B. Riley upped their price objective on Silicon Motion Technology from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $100.00.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $99.96 on Thursday. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $106.60. The business has a 50 day simple moving average of $90.25 and a 200-day simple moving average of $73.95. The stock has a market capitalization of $3.40 billion, a PE ratio of 42.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.03.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.54 by $0.15. Silicon Motion Technology had a return on equity of 10.14% and a net margin of 10.36%.The business had revenue of $198.68 million during the quarter, compared to analysts’ expectations of $180.40 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Silicon Motion Technology will post 3.08 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a $0.50 dividend. The ex-dividend date is Thursday, August 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 83.97%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Naples Global Advisors LLC increased its position in shares of Silicon Motion Technology by 1.5% in the third quarter. Naples Global Advisors LLC now owns 17,940 shares of the semiconductor producer’s stock valued at $1,701,000 after buying an additional 260 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in shares of Silicon Motion Technology in the third quarter valued at $264,000. Reinhart Partners LLC. increased its position in shares of Silicon Motion Technology by 2.0% in the third quarter. Reinhart Partners LLC. now owns 1,500,934 shares of the semiconductor producer’s stock valued at $142,305,000 after buying an additional 29,351 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Silicon Motion Technology in the third quarter valued at $379,000. Finally, SG Americas Securities LLC purchased a new position in shares of Silicon Motion Technology in the third quarter valued at $1,070,000. Hedge funds and other 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.