Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $55.00 at Needham & Company LLC

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Silicon Motion Technology (NASDAQ:SIMO) had its price target boosted by Needham & Company LLC from $44.00 to $55.00 in a report released on Wednesday, October 30th, The Fly reports.

Other analysts also recently issued research reports about the company. Nomura raised Silicon Motion Technology from a reduce rating to a neutral rating in a research note on Monday, October 7th. ValuEngine downgraded Silicon Motion Technology from a buy rating to a hold rating in a research report on Thursday, October 24th. Cowen reissued an outperform rating and set a $42.00 target price (down previously from $45.00) on shares of Silicon Motion Technology in a research report on Thursday, August 1st. Wedbush started coverage on Silicon Motion Technology in a research report on Tuesday, October 22nd. They set a neutral rating and a $39.00 target price on the stock. Finally, KeyCorp set a $58.00 target price on Silicon Motion Technology and gave the company a hold rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Silicon Motion Technology presently has a consensus rating of Hold and an average target price of $47.49.

Shares of SIMO stock traded up $0.80 during trading on Wednesday, hitting $43.70. The company had a trading volume of 270,600 shares, compared to its average volume of 331,310. Silicon Motion Technology has a 52 week low of $30.86 and a 52 week high of $47.23. The stock’s 50-day moving average is $37.93 and its two-hundred day moving average is $38.09. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 3.50 and a beta of 1.09.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.31. Silicon Motion Technology had a return on equity of 13.22% and a net margin of 13.16%. The business had revenue of $110.50 million for the quarter, compared to the consensus estimate of $112.08 million. During the same quarter in the previous year, the company posted $0.95 EPS. The company’s revenue was down 20.3% compared to the same quarter last year. On average, research analysts anticipate that Silicon Motion Technology will post 1.72 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, November 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.20%. This is a boost from Silicon Motion Technology’s previous quarterly dividend of $0.30. Silicon Motion Technology’s payout ratio is presently 40.76%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northcape Capital Pty Ltd boosted its holdings in Silicon Motion Technology by 18.8% during the 2nd quarter. Northcape Capital Pty Ltd now owns 706,826 shares of the semiconductor producer’s stock valued at $31,369,000 after acquiring an additional 111,675 shares during the period. OneAscent Financial Services LLC purchased a new position in Silicon Motion Technology during the 2nd quarter valued at $493,000. Invesco Ltd. boosted its holdings in Silicon Motion Technology by 315.9% during the 2nd quarter. Invesco Ltd. now owns 1,466,583 shares of the semiconductor producer’s stock valued at $65,086,000 after acquiring an additional 1,113,983 shares during the period. Russell Investments Group Ltd. boosted its holdings in Silicon Motion Technology by 12.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 109,488 shares of the semiconductor producer’s stock valued at $4,858,000 after acquiring an additional 12,046 shares during the period. Finally, Natixis Advisors L.P. boosted its holdings in Silicon Motion Technology by 5.1% during the 2nd quarter. Natixis Advisors L.P. now owns 101,817 shares of the semiconductor producer’s stock valued at $4,519,000 after acquiring an additional 4,896 shares during the period. Institutional investors own 71.21% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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