Silicon Motion Technology’s (SIMO) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a report published on Friday morning, Benzinga reports. The brokerage currently has a $85.00 price objective on the semiconductor producer’s stock.

A number of other analysts have also recently commented on SIMO. JPMorgan Chase & Co. lifted their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday, February 8th. Needham & Company LLC lifted their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Craig Hallum lifted their price objective on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Finally, B. Riley lifted their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $87.57.

Silicon Motion Technology Stock Performance

SIMO stock traded up $0.55 during trading on Friday, reaching $73.96. The company had a trading volume of 1,200,142 shares, compared to its average volume of 328,967. The firm has a 50-day simple moving average of $74.63 and a 200-day simple moving average of $65.64. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 42.02, a price-to-earnings-growth ratio of 3.95 and a beta of 0.87. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. Sell-side analysts expect that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors have recently made changes to their positions in the company. GABELLI & Co INVESTMENT ADVISERS INC. increased its holdings in shares of Silicon Motion Technology by 127.3% during the 3rd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 60,909 shares of the semiconductor producer’s stock valued at $3,122,000 after purchasing an additional 34,111 shares in the last quarter. New York State Common Retirement Fund purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $837,000. Canada Pension Plan Investment Board purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $636,000. Invesco Ltd. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $32,024,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Silicon Motion Technology in the 3rd quarter worth $15,512,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.