Silicon Motion Technology Co. to Issue Quarterly Dividend of $0.50 (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) declared a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Investors of record on Thursday, May 9th will be paid a dividend of 0.50 per share by the semiconductor producer on Thursday, May 23rd. This represents a $2.00 annualized dividend and a yield of 2.71%. The ex-dividend date is Wednesday, May 8th.

Silicon Motion Technology has decreased its dividend payment by an average of 29.1% annually over the last three years. Silicon Motion Technology has a payout ratio of 42.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Silicon Motion Technology to earn $4.02 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 49.8%.

Silicon Motion Technology Stock Up 1.6 %

Shares of NASDAQ SIMO opened at $73.73 on Thursday. The firm has a market cap of $2.44 billion, a PE ratio of 46.66, a P/E/G ratio of 3.91 and a beta of 0.85. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $95.33. The company’s fifty day simple moving average is $73.93 and its 200 day simple moving average is $64.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.12. The business had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. On average, equities analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SIMO shares. B. Riley raised their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Needham & Company LLC raised their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Wedbush reiterated an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 10th. Craig Hallum increased their target price on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.57.

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.