Silicon Motion Technology (SIMO) Upgraded by Summit Redstone to “Buy”

Summit Redstone upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a report released on Thursday morning.

Several other equities research analysts have also issued reports on SIMO. Loop Capital restated a buy rating and issued a $51.00 target price on shares of Silicon Motion Technology in a report on Tuesday, August 22nd. Standpoint Research upgraded shares of Silicon Motion Technology from a reduce rating to a buy rating in a report on Wednesday, August 30th. Needham & Company LLC restated a buy rating and issued a $54.00 target price on shares of Silicon Motion Technology in a report on Friday, September 22nd. Zacks Investment Research upgraded shares of Silicon Motion Technology from a strong sell rating to a hold rating in a report on Tuesday, October 3rd. Finally, Roth Capital raised their target price on shares of Silicon Motion Technology from $55.00 to $60.00 and gave the stock a buy rating in a report on Tuesday, October 24th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Silicon Motion Technology presently has a consensus rating of Buy and a consensus target price of $57.67.

Shares of Silicon Motion Technology (NASDAQ:SIMO) traded up $0.12 during trading hours on Thursday, hitting $53.40. 425,732 shares of the company’s stock were exchanged, compared to its average volume of 607,696. Silicon Motion Technology has a 1-year low of $37.37 and a 1-year high of $55.68. The stock has a market cap of $1,853.66, a PE ratio of 19.95 and a beta of 0.64.

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

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Thursday, November 9th were issued a dividend of $0.30 per share. This is a positive change from Silicon Motion Technology’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, November 8th. This represents a $1.20 dividend on an annualized basis and a yield of 2.25%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 35.04%.

A number of institutional investors and hedge funds have recently made changes to their positions in SIMO. Aperio Group LLC lifted its holdings in Silicon Motion Technology by 20.1% during the 2nd quarter. Aperio Group LLC now owns 17,614 shares of the semiconductor producer’s stock valued at $850,000 after buying an additional 2,950 shares in the last quarter. US Bancorp DE lifted its holdings in Silicon Motion Technology by 305.8% during the 2nd quarter. US Bancorp DE now owns 8,903 shares of the semiconductor producer’s stock valued at $430,000 after buying an additional 6,709 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Silicon Motion Technology by 5.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 21,157 shares of the semiconductor producer’s stock valued at $1,020,000 after buying an additional 1,119 shares in the last quarter. Sei Investments Co. lifted its holdings in Silicon Motion Technology by 270.0% during the 2nd quarter. Sei Investments Co. now owns 22,593 shares of the semiconductor producer’s stock valued at $1,089,000 after buying an additional 16,487 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Silicon Motion Technology by 550,000.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 55,010 shares of the semiconductor producer’s stock valued at $2,653,000 after buying an additional 55,000 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.

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