Silicon Motion Technology (NASDAQ:SIMO) Trading 8.7% Higher – Still a Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares were up 8.7% on Tuesday . The company traded as high as $97.96 and last traded at $101.7560. Approximately 38,972 shares traded hands during trading, a decline of 82% from the average daily volume of 214,722 shares. The stock had previously closed at $93.58.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of research analyst reports. B. Riley increased their price objective on shares of Silicon Motion Technology from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Wedbush set a $120.00 price objective on Silicon Motion Technology in a report on Monday, November 3rd. Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $120.00 target price on shares of Silicon Motion Technology in a research report on Friday, October 31st. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus price target of $111.25.

Silicon Motion Technology Stock Up 13.3%

The stock has a market capitalization of $3.60 billion, a PE ratio of 36.46, a price-to-earnings-growth ratio of 1.04 and a beta of 1.05. The stock has a fifty day moving average of $90.52 and a 200-day moving average of $85.05.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Silicon Motion Technology’s payout ratio is currently 68.38%.

Institutional Trading of Silicon Motion Technology

Several hedge funds have recently added to or reduced their stakes in SIMO. JPMorgan Chase & Co. lifted its stake in Silicon Motion Technology by 89.7% in the third quarter. JPMorgan Chase & Co. now owns 8,634 shares of the semiconductor producer’s stock worth $819,000 after acquiring an additional 4,082 shares during the last quarter. Penn Capital Management Company LLC lifted its position in shares of Silicon Motion Technology by 2.3% during the 3rd quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock worth $552,000 after purchasing an additional 132 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Silicon Motion Technology during the third quarter worth $79,000. Potrero Capital Research LLC purchased a new position in Silicon Motion Technology in the third quarter valued at $4,917,000. Finally, Prelude Capital Management LLC increased its holdings in Silicon Motion Technology by 96.6% in the third quarter. Prelude Capital Management LLC now owns 15,160 shares of the semiconductor producer’s stock valued at $1,437,000 after buying an additional 7,447 shares during the last quarter. Institutional investors and hedge funds 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.