Silicon Motion Technology (NASDAQ:SIMO) Upgraded at StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research note issued to investors on Thursday.

A number of other analysts also recently weighed in on SIMO. Morgan Stanley dropped their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Needham & Company LLC lowered their price objective on shares of 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 reduced their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. Craig Hallum decreased their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Susquehanna cut their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $53.90 on Thursday. The company’s fifty day moving average price is $55.22 and its 200-day moving average price is $63.97. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.61 and a beta of 0.82. Silicon Motion Technology has a one year low of $50.50 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter in the prior year, the firm earned $0.32 earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts expect that Silicon Motion Technology will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.71%. Silicon Motion Technology’s payout ratio is presently 75.76%.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in shares of Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 556 shares in the last quarter. LRI Investments LLC raised its holdings in Silicon Motion Technology by 100.1% in the 2nd quarter. LRI Investments LLC now owns 3,987 shares of the semiconductor producer’s stock worth $323,000 after purchasing an additional 1,994 shares in the last quarter. F M Investments LLC bought a new position in Silicon Motion Technology in the 2nd quarter worth $12,718,000. Principal Financial Group Inc. lifted its position in shares of Silicon Motion Technology by 139.3% in the 2nd quarter. Principal Financial Group Inc. now owns 17,020 shares of the semiconductor producer’s stock worth $1,378,000 after purchasing an additional 9,909 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Silicon Motion Technology by 29.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 11,788 shares of the semiconductor producer’s stock valued at $955,000 after purchasing an additional 2,714 shares in the last quarter. 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.