Silicon Motion Technology (NASDAQ:SIMO) Reaches New 52-Week High – Should You Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $127.67 and last traded at $117.0580, with a volume of 368461 shares changing hands. The stock had previously closed at $117.81.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of recent analyst reports. William Blair assumed coverage on Silicon Motion Technology in a research report on Thursday. They issued an “outperform” rating for the company. B. Riley boosted their price objective on shares of Silicon Motion Technology from $125.00 to $135.00 and gave the company a “buy” rating in a report on Monday, January 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th. JPMorgan Chase & Co. lifted their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Finally, Roth Mkm reiterated a “buy” rating and set a $120.00 target price on shares of Silicon Motion Technology in a research note on Friday, October 31st. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $113.13.

Silicon Motion Technology Trading Down 2.0%

The stock has a market cap of $3.84 billion, a P/E ratio of 38.81, a PEG ratio of 1.28 and a beta of 1.05. The company’s 50 day moving average price is $95.72 and its two-hundred day moving average price is $88.80.

Silicon Motion Technology Dividend Announcement

The firm 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 1.8%. Silicon Motion Technology’s payout ratio is presently 68.38%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors have recently bought and sold shares of the stock. Boston Partners lifted its position in shares of Silicon Motion Technology by 33.2% during the 2nd quarter. Boston Partners now owns 735,597 shares of the semiconductor producer’s stock valued at $55,294,000 after buying an additional 183,458 shares in the last quarter. XTX Topco Ltd purchased a new stake in Silicon Motion Technology in the 2nd quarter worth approximately $1,780,000. Elevation Point Wealth Partners LLC bought a new stake in Silicon Motion Technology during the 2nd quarter worth approximately $263,000. SG Americas Securities LLC bought a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $1,070,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Silicon Motion Technology during the second quarter valued at approximately $288,000. 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.