Silicon Motion Technology (NASDAQ:SIMO) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Silicon Motion Technology (NASDAQ:SIMO) announced its earnings results on Friday. The semiconductor producer reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01, Briefing.com reports. The company had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a return on equity of 10.41% and a net margin of 10.14%. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share.

Silicon Motion Technology Stock Down 6.2 %

Shares of NASDAQ:SIMO traded down $3.85 during midday trading on Monday, reaching $58.65. The company’s stock had a trading volume of 580,450 shares, compared to its average volume of 420,760. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $85.87. The firm has a 50 day moving average of $78.39 and a 200-day moving average of $74.60. The firm has a market capitalization of $1.98 billion, a P/E ratio of 33.37, a PEG ratio of 0.60 and a beta of 0.86.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Thursday, August 8th. Silicon Motion Technology’s payout ratio is 113.07%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SIMO shares. Wedbush reiterated an “outperform” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a report on Friday, May 3rd. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Susquehanna lifted their target price on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a report on Monday, May 6th. Craig Hallum increased their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Morgan Stanley raised shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $59.00 to $88.00 in a research report on Monday, May 6th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Silicon Motion Technology currently has an average rating of “Buy” and an average price target of $91.00.

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.