Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $105.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective upped by B. Riley from $101.00 to $105.00 in a research note released on Monday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor producer’s stock.

A number of other research analysts also recently issued reports on the stock. Morgan Stanley upgraded shares of Silicon Motion Technology from an equal weight rating to an overweight rating and upped their target price for the company from $59.00 to $88.00 in a research report on Monday. Wedbush reaffirmed an outperform rating and set a $85.00 target price on shares of Silicon Motion Technology in a report on Friday, May 3rd. Needham & Company LLC reissued a buy rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Monday. Craig Hallum lifted their price objective on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research note on Monday. Finally, Susquehanna increased their target price on Silicon Motion Technology from $100.00 to $110.00 and gave the company a positive rating in a research note on Monday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of Buy and an average price target of $91.13.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $78.72 on Monday. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 44.73, a P/E/G ratio of 3.98 and a beta of 0.87. The stock’s fifty day moving average price is $75.17 and its two-hundred day moving average price is $66.21. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. On average, equities analysts predict that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 annualized dividend and a yield of 2.54%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently added to or reduced their stakes in the company. Alpine Associates Management Inc. lifted its holdings in shares of Silicon Motion Technology by 0.3% in the fourth quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after purchasing an additional 3,300 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in shares of Silicon Motion Technology by 63.1% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock worth $48,409,000 after purchasing an additional 365,461 shares in the last quarter. Segantii Capital Management Ltd lifted its stake in Silicon Motion Technology by 178.0% in the third quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock valued at $42,742,000 after acquiring an additional 533,991 shares during the last quarter. Wellington Management Group LLP lifted its stake in Silicon Motion Technology by 1,250.9% in the 3rd quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after purchasing an additional 758,640 shares during the last quarter. Finally, Cooper Creek Partners Management LLC lifted its holdings in Silicon Motion Technology by 771.4% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after purchasing an additional 673,278 shares during the last quarter. 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.