Silicon Motion Technology (NASDAQ:SIMO) Trading Up 5% – Time to Buy?

Silicon Motion Technology Co. (NASDAQ:SIMO)’s share price rose 5% on Friday . The stock traded as high as $59.45 and last traded at $59.09. Approximately 153,812 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 370,254 shares. The stock had previously closed at $56.27.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SIMO shares. Roth Mkm cut 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 research report on Tuesday, October 8th. Susquehanna reduced their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Wednesday. 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 note on Thursday, October 31st. Finally, Needham & Company LLC reduced their price target 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 equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Up 5.6 %

The company has a market cap of $2.00 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 1.53 and a beta of 0.82. The business’s 50 day moving average price is $55.61 and its 200-day moving average price is $64.93.

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

Silicon Motion Technology Announces Dividend

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 dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 3.37%. Silicon Motion Technology’s payout ratio is 75.38%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in Silicon Motion Technology by 0.6% during the third quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock worth $2,060,000 after purchasing an additional 197 shares during the period. Inspire Advisors LLC increased its stake in shares of Silicon Motion Technology by 1.9% in the second quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock worth $1,059,000 after purchasing an additional 249 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after buying an additional 251 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Silicon Motion Technology by 0.7% in 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 during the last quarter. Finally, Sei Investments Co. raised its position in Silicon Motion Technology by 0.5% in the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock worth $4,559,000 after purchasing an additional 257 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.

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.