Silicon Motion Technology Corporation (NASDAQ:SIMO) announced its quarterly earnings data on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01, Briefing.com reports. The firm had revenue of $127.20 million during the quarter, compared to the consensus estimate of $127.24 million. Silicon Motion Technology Corporation had a return on equity of 19.58% and a net margin of 17.18%. The business’s revenue for the quarter was down 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS.
Silicon Motion Technology Corporation (SIMO) opened at $47.17 on Friday. Silicon Motion Technology Corporation has a 1 year low of $37.37 and a 1 year high of $55.68. The stock has a market capitalization of $1,666.07, a P/E ratio of 17.93 and a beta of 0.64.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, November 9th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.54%. This is a positive change from Silicon Motion Technology Corporation’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, November 8th. Silicon Motion Technology Corporation’s dividend payout ratio (DPR) is presently 35.04%.
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Silicon Motion Technology Corporation declared that its board has initiated a stock repurchase program on Monday, July 31st that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A hedge fund recently raised its stake in Silicon Motion Technology Corporation stock. State Street Corp raised its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,417 shares of the semiconductor producer’s stock after buying an additional 3,509 shares during the quarter. State Street Corp owned about 0.10% of Silicon Motion Technology Corporation worth $1,757,000 at the end of the most recent quarter. Institutional investors and hedge funds own 79.36% of the company’s stock.
SIMO has been the subject of a number of recent analyst reports. B. Riley set a $69.00 price objective on Silicon Motion Technology Corporation and gave the company a “buy” rating in a research note on Wednesday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price target on shares of Silicon Motion Technology Corporation in a research report on Friday, October 27th. Zacks Investment Research raised Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Loop Capital increased their price objective on Silicon Motion Technology Corporation from $51.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, October 9th. Finally, Standpoint Research raised Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a report on Wednesday, August 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Silicon Motion Technology Corporation presently has a consensus rating of “Buy” and an average target price of $57.67.
About Silicon Motion Technology Corporation
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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