Silicon Motion Technology Co. (NASDAQ:SIMO) Given Consensus Recommendation of “Buy” by Analysts

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have received a consensus recommendation of “Buy” from the eight research firms that are covering the firm, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $91.13.

SIMO has been the subject of a number of research reports. Craig Hallum boosted their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research note 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 note on Monday, May 6th. B. Riley upped their price objective on shares of Silicon Motion Technology from $101.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, May 6th. 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.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after purchasing an additional 825,394 shares during the last quarter. Alpine Associates Management Inc. boosted its holdings in Silicon Motion Technology by 0.3% in the 4th 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 holdings in Silicon Motion Technology by 63.1% in 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 last quarter. Farallon Capital Management LLC boosted its holdings in Silicon Motion Technology by 247.0% in the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after purchasing an additional 608,949 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings 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. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Trading Down 4.6 %

NASDAQ:SIMO opened at $78.71 on Tuesday. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The firm has a fifty day simple moving average of $77.86 and a 200-day simple moving average of $71.54. The company has a market capitalization of $2.65 billion, a P/E ratio of 44.72, a PEG ratio of 0.79 and a beta of 0.89.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. Equities analysts forecast that Silicon Motion Technology will post 2.77 EPS for the current year.

Silicon Motion Technology Dividend Announcement

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

Silicon Motion Technology Company Profile

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.