B. Riley Weighs in on Silicon Motion Technology Co.’s Q3 2024 Earnings (NASDAQ:SIMO)

Silicon Motion Technology Co. (NASDAQ:SIMO) – B. Riley reduced their Q3 2024 earnings per share (EPS) estimates for Silicon Motion Technology in a note issued to investors on Monday, September 16th. B. Riley analyst C. Ellis now expects that the semiconductor producer will post earnings of $0.56 per share for the quarter, down from their prior forecast of $0.66. B. Riley has a “Buy” rating and a $95.00 price objective on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.86 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.74 EPS, FY2024 earnings at $2.57 EPS, Q1 2025 earnings at $0.66 EPS, Q2 2025 earnings at $0.83 EPS, Q3 2025 earnings at $1.10 EPS, Q4 2025 earnings at $1.13 EPS, FY2025 earnings at $3.72 EPS, Q1 2026 earnings at $1.00 EPS, Q2 2026 earnings at $1.17 EPS and FY2026 earnings at $5.10 EPS.

A number of other equities analysts also recently commented on the stock. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Morgan Stanley decreased their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Finally, Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $90.00 to $60.00 in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Silicon Motion Technology Trading Down 1.6 %

Shares of SIMO stock opened at $54.97 on Thursday. The firm has a fifty day moving average price of $64.01 and a 200 day moving average price of $72.97. The company has a market cap of $1.85 billion, a P/E ratio of 31.23, a PEG ratio of 0.88 and a beta of 0.84. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.33 earnings per share.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 3.64%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SIMO. Acadian Asset Management LLC raised its holdings in Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares in the last quarter. Kodai Capital Management LP purchased a new position in Silicon Motion Technology in the fourth quarter valued at about $44,073,000. Lord Abbett & CO. LLC purchased a new position in Silicon Motion Technology in the first quarter valued at about $53,676,000. Farallon Capital Management LLC increased its holdings in Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after buying an additional 608,949 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in Silicon Motion Technology in the fourth quarter valued at about $25,007,000. 78.02% of the stock is owned by hedge funds and other 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.