Silicon Motion Technology (NASDAQ:SIMO) Shares Up 6.5% – Time to Buy?

Silicon Motion Technology Co. (NASDAQ:SIMO) shot up 6.5% during mid-day trading on Tuesday . The stock traded as high as $57.51 and last traded at $57.47. 300,957 shares were traded during trading, a decline of 19% from the average session volume of 373,192 shares. The stock had previously closed at $53.95.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SIMO. Roth Mkm reduced their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Tuesday. Susquehanna lowered their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Finally, Craig Hallum lowered 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 report on Thursday, October 31st. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Down 1.4 %

The stock’s 50 day moving average price is $56.10 and its 200-day moving average price is $65.77. The stock has a market capitalization of $1.87 billion, a PE ratio of 21.29, a PEG ratio of 1.55 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. The company had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. Silicon Motion Technology’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period last year, the company posted $0.32 earnings per share. On average, analysts forecast that Silicon Motion Technology Co. 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 issued 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 3.61%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.38%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Erste Asset Management GmbH purchased a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $40,331,000. FMR LLC grew its position in Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock worth $136,032,000 after purchasing an additional 485,862 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in shares of Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after acquiring an additional 326,358 shares during the last quarter. AIGH Capital Management LLC purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $22,272,000. Finally, Hood River Capital Management LLC purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $21,208,000. 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.