Craig Hallum Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $96.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price lifted by Craig Hallum from $80.00 to $96.00 in a research note released on Monday, MarketBeat Ratings reports. They currently have a buy rating on the semiconductor producer’s stock.

Several other brokerages also recently commented on SIMO. 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. B. Riley upped 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. JPMorgan Chase & Co. lifted their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. Needham & Company LLC raised their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Finally, StockNews.com raised shares of Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday, May 3rd. Nine investment 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 target price of $91.13.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $78.72 on Monday. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The company has a market capitalization of $2.65 billion, a P/E ratio of 44.73, a PEG ratio of 3.98 and a beta of 0.87. The company’s 50 day simple moving average is $75.17 and its 200 day simple moving average is $66.21.

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

Silicon Motion Technology Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Alpine Associates Management Inc. grew its position 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 during the last quarter. Hawk Ridge Capital Management LP boosted its stake in 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 valued at $48,409,000 after purchasing an additional 365,461 shares during the period. Segantii Capital Management Ltd increased its position in Silicon Motion Technology by 178.0% in the 3rd quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after buying an additional 533,991 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Silicon Motion Technology by 1,250.9% during the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock worth $41,989,000 after buying an additional 758,640 shares during the last quarter. Finally, Cooper Creek Partners Management LLC increased its position in Silicon Motion Technology by 771.4% during the third quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock worth $38,978,000 after acquiring an additional 673,278 shares during the period. 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.