Silicon Motion Technology (SIMO) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research report sent to investors on Saturday.

Several other analysts have also issued reports on the company. Northland Securities restated a buy rating and issued a $60.00 price objective on shares of Silicon Motion Technology in a research note on Sunday, October 29th. Needham & Company LLC restated a buy rating and issued a $57.00 price objective (up previously from $54.00) on shares of Silicon Motion Technology in a research note on Monday, October 9th. ValuEngine upgraded Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday. B. Riley set a $69.00 price objective on Silicon Motion Technology and gave the company a buy rating in a research note on Wednesday, October 25th. Finally, Roth Capital upped their price objective on Silicon Motion Technology from $55.00 to $60.00 and gave the company a buy rating in a research note on Tuesday, October 24th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $57.67.

Shares of Silicon Motion Technology (NASDAQ SIMO) opened at $51.99 on Friday. Silicon Motion Technology has a twelve month low of $37.37 and a twelve month high of $55.68. The stock 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 released its earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $127.24 million. During the same quarter in the prior year, the company posted $1.07 earnings per share. Silicon Motion Technology’s revenue was down 19.8% on a year-over-year basis.

The company also recently announced a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Thursday, November 9th were given a $0.30 dividend. This is an increase from Silicon Motion Technology’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, November 8th. This represents a $1.20 annualized dividend and a dividend yield of 2.31%. Silicon Motion Technology’s dividend payout ratio is presently 35.04%.

Several institutional investors have recently bought and sold shares of SIMO. Aperio Group LLC grew its position in shares of Silicon Motion Technology by 20.1% in the second quarter. Aperio Group LLC now owns 17,614 shares of the semiconductor producer’s stock valued at $850,000 after purchasing an additional 2,950 shares during the last quarter. US Bancorp DE grew its position in shares of Silicon Motion Technology by 305.8% in the second quarter. US Bancorp DE now owns 8,903 shares of the semiconductor producer’s stock valued at $430,000 after purchasing an additional 6,709 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Silicon Motion Technology by 5.6% in the second quarter. Janney Montgomery Scott LLC now owns 21,157 shares of the semiconductor producer’s stock valued at $1,020,000 after purchasing an additional 1,119 shares during the last quarter. Suffolk Capital Management LLC grew its position in shares of Silicon Motion Technology by 3.5% in the second quarter. Suffolk Capital Management LLC now owns 31,506 shares of the semiconductor producer’s stock valued at $1,520,000 after purchasing an additional 1,053 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Silicon Motion Technology by 270.0% in the second quarter. Sei Investments Co. now owns 22,593 shares of the semiconductor producer’s stock valued at $1,089,000 after purchasing an additional 16,487 shares during the last quarter. 82.84% of the stock is currently owned by institutional investors.

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About Silicon Motion Technology

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.

Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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