Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $110.00 at Susquehanna

Silicon Motion Technology (NASDAQ:SIMO) had its target price upped by Susquehanna from $100.00 to $110.00 in a report published on Monday, Benzinga reports. They currently have a positive rating on the semiconductor producer’s stock.

Other equities research analysts have also recently issued reports about the company. Craig Hallum increased their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research note on Monday. StockNews.com raised shares of Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday, May 3rd. Morgan Stanley raised shares of Silicon Motion Technology from an equal weight rating to an overweight rating and boosted their target price for the stock from $59.00 to $88.00 in a research report on Monday. JPMorgan Chase & Co. raised their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Finally, Needham & Company LLC reissued a buy rating and set a $85.00 price objective on shares of Silicon Motion Technology in a report on Monday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $91.13.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $78.72 on Monday. The business’s 50 day moving average price is $75.17 and its 200-day moving average price is $66.21. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 44.73, a PEG ratio of 3.98 and a beta of 0.87.

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

Silicon Motion Technology Announces Dividend

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

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors have recently bought and sold shares of the company. GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in Silicon Motion Technology by 127.3% during the 3rd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 60,909 shares of the semiconductor producer’s stock valued at $3,122,000 after acquiring an additional 34,111 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Silicon Motion Technology in the third quarter valued at approximately $837,000. Canada Pension Plan Investment Board acquired a new stake in shares of Silicon Motion Technology in the third quarter valued at approximately $636,000. Invesco Ltd. purchased a new position in Silicon Motion Technology during the third quarter worth approximately $32,024,000. Finally, Massachusetts Financial Services Co. MA acquired a new position in Silicon Motion Technology during the third quarter worth $15,512,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.