Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month High at $70.00


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Silicon Motion Technology Co. (NASDAQ:SIMO)’s stock price reached a new 52-week high on Thursday . The company traded as high as $70.00 and last traded at $67.63, with a volume of 6781 shares traded. The stock had previously closed at $64.84.

A number of research firms have recently weighed in on SIMO. Craig Hallum upped their target price on shares of Silicon Motion Technology from $55.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, February 4th. Zacks Investment Research raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Monday, January 11th. Roth Capital increased their price objective on shares of Silicon Motion Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 4th. B. Riley increased their price objective on shares of Silicon Motion Technology from $63.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 5th. Finally, Needham & Company LLC increased their price objective on shares of Silicon Motion Technology from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, February 4th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Silicon Motion Technology has an average rating of “Buy” and a consensus target price of $62.56.

The firm has a market cap of $2.39 billion, a P/E ratio of 23.10, a PEG ratio of 2.08 and a beta of 1.06. The company’s 50 day simple moving average is $61.25 and its 200-day simple moving average is $48.53.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, February 2nd. The semiconductor producer reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.15. Silicon Motion Technology had a net margin of 18.92% and a return on equity of 18.13%. The firm had revenue of $143.90 million for the quarter, compared to analysts’ expectations of $143.08 million. During the same quarter in the prior year, the business earned $0.96 EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis. On average, research analysts forecast that Silicon Motion Technology Co. will post 2.75 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 26th. Stockholders of record on Tuesday, February 16th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Friday, February 12th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 76.37%.

Large investors have recently modified their holdings of the company. Baillie Gifford & Co. purchased a new stake in Silicon Motion Technology in the 4th quarter worth approximately $27,997,000. Cardinal Capital Management LLC CT increased its holdings in Silicon Motion Technology by 20.8% in the 4th quarter. Cardinal Capital Management LLC CT now owns 2,428,722 shares of the semiconductor producer’s stock worth $116,943,000 after acquiring an additional 417,412 shares in the last quarter. Rice Hall James & Associates LLC increased its holdings in Silicon Motion Technology by 28.4% in the 4th quarter. Rice Hall James & Associates LLC now owns 704,483 shares of the semiconductor producer’s stock worth $33,921,000 after acquiring an additional 155,670 shares in the last quarter. ExodusPoint Capital Management LP increased its holdings in Silicon Motion Technology by 464.2% in the 4th quarter. ExodusPoint Capital Management LP now owns 185,366 shares of the semiconductor producer’s stock worth $8,925,000 after acquiring an additional 152,511 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Silicon Motion Technology by 132.4% in the 4th quarter. Morgan Stanley now owns 249,921 shares of the semiconductor producer’s stock worth $12,034,000 after acquiring an additional 142,363 shares in the last quarter. Hedge funds and other institutional investors own 66.72% of the company’s stock.

About Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It offers solid-state drive (SSDs) used in PCs and other devices, as well as embedded multimediacard (eMMC) and UFS mobile embedded storage used in smartphones.

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