Silicon Motion Technology (SIMO) Upgraded at ValuEngine

ValuEngine upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a report issued on Friday.

A number of other brokerages have also recently issued reports on SIMO. B. Riley restated a buy rating and set a $68.75 price objective on shares of Silicon Motion Technology in a report on Monday, August 7th. Lake Street Capital restated a buy rating and set a $50.00 price objective (down previously from $56.00) on shares of Silicon Motion Technology in a report on Tuesday, August 8th. Zacks Investment Research upgraded Silicon Motion Technology from a strong sell rating to a hold rating in a report on Tuesday, October 3rd. Loop Capital restated a buy rating and set a $51.00 price objective on shares of Silicon Motion Technology in a report on Tuesday, August 22nd. Finally, Needham & Company LLC restated a buy rating and set a $57.00 price objective (up previously from $54.00) on shares of Silicon Motion Technology in a report on Monday, October 9th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $57.67.

Silicon Motion Technology (SIMO) traded down $0.19 during trading on Friday, reaching $51.57. The company had a trading volume of 438,800 shares, compared to its average volume of 607,473. Silicon Motion Technology has a fifty-two week low of $37.37 and a fifty-two week high of $55.68. The company has a market capitalization of $1,821.86, a PE ratio of 19.61 and a beta of 0.64.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Silicon Motion Technology had a return on equity of 19.58% and a net margin of 17.18%. The business had revenue of $127.20 million during the quarter, compared to analysts’ expectations of $127.24 million. During the same quarter last year, the company posted $1.07 earnings per share. Silicon Motion Technology’s quarterly revenue was down 19.8% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Thursday, November 9th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.33%. This is an increase from Silicon Motion Technology’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, November 8th. Silicon Motion Technology’s payout ratio is presently 35.04%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARGA Investment Management LP raised its position in shares of Silicon Motion Technology by 6.2% in the third quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock valued at $88,365,000 after buying an additional 106,900 shares in the last quarter. Investec Asset Management LTD raised its position in shares of Silicon Motion Technology by 46.4% in the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after buying an additional 519,631 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Silicon Motion Technology by 170.4% in the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after buying an additional 597,352 shares in the last quarter. Royce & Associates LP raised its position in shares of Silicon Motion Technology by 78.0% in the third quarter. Royce & Associates LP now owns 801,540 shares of the semiconductor producer’s stock valued at $38,498,000 after buying an additional 351,140 shares in the last quarter. Finally, Teachers Advisors LLC raised its position in shares of Silicon Motion Technology by 27.9% in the second quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock valued at $37,990,000 after buying an additional 171,989 shares in the last quarter. Institutional investors own 82.84% of the company’s stock.

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Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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