Silicon Motion Technology (NASDAQ:SIMO) Reaches New 52-Week High – Time to Buy?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) hit a new 52-week high on Thursday . The company traded as high as $127.67 and last traded at $117.0580, with a volume of 368461 shares trading hands. The stock had previously closed at $117.81.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th. Roth Mkm restated a “buy” rating and set a $120.00 price objective on shares of Silicon Motion Technology in a research note on Friday, October 31st. Susquehanna increased their price objective on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a research note on Monday, November 3rd. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, B. Riley upped their price target on shares of Silicon Motion Technology from $125.00 to $135.00 and gave the company a “buy” rating in a report on Monday, January 12th. Eleven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.13.

Silicon Motion Technology Stock Down 3.4%

The business’s 50-day simple moving average is $94.63 and its two-hundred day simple moving average is $88.34. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 39.09, a P/E/G ratio of 1.25 and a beta of 1.05.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed 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 1.8%. Silicon Motion Technology’s payout ratio is 68.38%.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new position in Silicon Motion Technology during the third quarter valued at $26,000. EverSource Wealth Advisors LLC raised its position in shares of Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new position in Silicon Motion Technology in the 4th quarter valued at about $71,000. GAMMA Investing LLC boosted its holdings in Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after buying an additional 529 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Silicon Motion Technology during the 2nd quarter worth approximately $75,000. 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.