Silicon Motion Technology Co. (NASDAQ:SIMO) Announces Quarterly Dividend of $0.50

Silicon Motion Technology Co. (NASDAQ:SIMO) declared a quarterly dividend on Thursday, October 31st,Zacks Dividends reports. Investors of record on Thursday, November 14th will be paid a dividend of 0.50 per share by the semiconductor producer on Wednesday, November 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date is Thursday, November 14th.

Silicon Motion Technology has decreased its dividend by an average of 29.1% annually over the last three years. Silicon Motion Technology has a dividend payout ratio of 50.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Silicon Motion Technology to earn $2.99 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 66.9%.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $52.00 on Wednesday. Silicon Motion Technology has a 52-week low of $50.50 and a 52-week high of $85.87. The firm has a market capitalization of $1.75 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 1.41 and a beta of 0.84. The company’s fifty day moving average price is $57.30 and its two-hundred day moving average price is $68.34.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. During the same period last year, the firm earned $0.32 EPS. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. Analysts predict that Silicon Motion Technology will post 2.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

SIMO has been the subject of a number of recent research reports. Needham & Company LLC dropped their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Roth Mkm dropped their price objective on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Susquehanna cut their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Finally, Craig Hallum dropped their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, Silicon Motion Technology currently has an average rating of “Moderate Buy” and an average target price of $81.67.

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.