Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Up – What’s Next?

Silicon Motion Technology Co. (NASDAQ:SIMO) gapped up prior to trading on Wednesday . The stock had previously closed at $53.95, but opened at $57.94. Silicon Motion Technology shares last traded at $57.16, with a volume of 9,062 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on SIMO shares. Susquehanna cut their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Craig Hallum dropped their price objective 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 note on Tuesday. Needham & Company LLC reduced their price target 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. Finally, Morgan Stanley lowered their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Price Performance

The stock’s 50-day moving average is $56.12 and its 200-day moving average is $65.84. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 1.47 and a beta of 0.82.

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

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.56%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is 75.38%.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its holdings in Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after acquiring an additional 251 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 556 shares during the period. Headlands Technologies LLC acquired a new stake in Silicon Motion Technology during the 2nd quarter worth approximately $139,000. Van ECK Associates Corp purchased a new position in Silicon Motion Technology in the third quarter valued at approximately $151,000. Finally, XTX Topco Ltd acquired a new position in Silicon Motion Technology during the second quarter valued at approximately $220,000. 78.02% of the stock is owned by hedge funds and other 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.