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

Wedbush reaffirmed their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research note released on Monday morning,RTT News reports. Wedbush currently has a $90.00 price target on the semiconductor producer’s stock.

A number of other equities research analysts also recently weighed in on the stock. Craig Hallum decreased their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Morgan Stanley dropped their price target on shares of 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. 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 note on Friday, November 1st. Finally, Needham & Company LLC lowered their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $56.49 on Monday. The company has a 50-day simple moving average of $55.14 and a 200-day simple moving average of $63.47. 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 $1.90 billion, a P/E ratio of 21.40, a P/E/G ratio of 1.61 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter in the prior year, the firm posted $0.32 EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities analysts forecast that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.76%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently bought and sold shares of SIMO. Lord Abbett & CO. LLC raised its position in Silicon Motion Technology by 21.7% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after purchasing an additional 196,609 shares during the last quarter. 272 Capital LP increased its stake in shares of Silicon Motion Technology by 55.3% in the third quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock valued at $6,158,000 after buying an additional 36,092 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Silicon Motion Technology in the third quarter valued at about $13,211,000. Geode Capital Management LLC lifted its position in Silicon Motion Technology by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock worth $2,183,000 after buying an additional 253 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Silicon Motion Technology during the 3rd quarter worth about $5,904,000. 78.02% of the stock is currently owned by institutional investors.

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.