Silicon Motion Technology (SIMO) Announces Quarterly Results
Silicon Motion Technology (NASDAQ:SIMO) announced its earnings results on Tuesday. The company reported $0.30 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.21 by $0.09, American Banking & Market News reports. The company had revenue of $52.49 million for the quarter, compared to the consensus estimate of $51.82 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was down 25.7% on a year-over-year basis.
SIMO has been the subject of a number of recent research reports. Analysts at Needham & Company upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, January 22nd. They now have a $18.00 price target on the stock. Analysts at Bank of America Corp. initiated coverage on shares of Silicon Motion Technology in a research note to investors on Friday, November 22nd. They set a “buy” rating and a $21.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $18.08.
Shares of Silicon Motion Technology (NASDAQ:SIMO) opened at 14.88 on Tuesday. Silicon Motion Technology has a one year low of $9.90 and a one year high of $16.19. The stock has a 50-day moving average of $14.37 and a 200-day moving average of $12.78. The company has a market cap of $489.2 million and a price-to-earnings ratio of 16.94.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, February 25th. Shareholders of record on Tuesday, February 18th will be paid a dividend of 0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.03%.
Silicon Motion Technology Corporation (NASDAQ:SIMO) is a fabless semiconductor company that designs, develops and markets semiconductor solutions for the multimedia consumer electronics market.
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