Silicon Motion Technology (NASDAQ:SIMO) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research report sent to investors on Saturday.

A number of other research firms also recently issued reports on SIMO. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a buy rating in a research note on Monday, July 8th. B. Riley cut their target price on Silicon Motion Technology from $112.00 to $95.00 and set a buy rating on the stock in a research report on Monday, August 5th. Finally, Bank of America downgraded Silicon Motion Technology from a buy rating to an underperform rating and cut their target price for the company from $90.00 to $60.00 in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $85.00.

Silicon Motion Technology Trading Down 6.3 %

Shares of SIMO opened at $55.91 on Friday. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $85.87. The business’s 50 day moving average is $65.99 and its 200 day moving average is $73.45. The company has a market capitalization of $1.88 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 0.92 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million for the quarter, compared to the consensus estimate of $206.75 million. During the same quarter in the previous year, the company posted $0.33 EPS. The company’s revenue was up 50.1% compared to the same quarter last year. Equities research analysts predict that Silicon Motion Technology will post 2.86 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is 113.07%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its position in shares of Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares in the last quarter. Blue Trust Inc. raised its position in shares of Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 556 shares in the last quarter. Assetmark Inc. raised its position in shares of Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after acquiring an additional 342 shares in the last quarter. Barometer Capital Management Inc. bought a new position in shares of Silicon Motion Technology in the 4th quarter worth $123,000. Finally, Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology in the second quarter valued at about $139,000. 78.02% of the stock is owned by 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.