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

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

Other analysts have also issued reports about the company. Roth Mkm cut their price objective on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Susquehanna cut their price target on 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. Needham & Company LLC lowered their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Morgan Stanley dropped their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Craig Hallum reduced their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $56.49 on Monday. The stock has a market cap of $1.90 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The stock’s 50-day moving average is $55.14 and its two-hundred day moving average is $63.47.

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, topping the consensus estimate of $0.85 by $0.07. The business 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%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period last year, the company posted $0.32 earnings per share. On average, equities research analysts anticipate that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed 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 payout ratio is 75.76%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Erste Asset Management GmbH bought a new stake in Silicon Motion Technology during the third quarter valued at about $40,331,000. FMR LLC lifted its position in shares of 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 stake in Silicon Motion Technology by 43.3% during the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after purchasing an additional 326,358 shares during the period. AIGH Capital Management LLC acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at approximately $22,272,000. Finally, Hood River Capital Management LLC bought a new position in Silicon Motion Technology in the 2nd quarter worth approximately $21,208,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.