B. Riley Reaffirms “Buy” Rating for Silicon Motion Technology (NASDAQ:SIMO)

B. Riley restated their buy rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research note released on Friday, Benzinga reports. The firm currently has a $93.00 price objective on the semiconductor producer’s stock, up from their prior price objective of $90.00.

Several other analysts have also weighed in on SIMO. JPMorgan Chase & Co. increased their price target on Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a report on Thursday, February 8th. Craig Hallum increased their price target on Silicon Motion Technology from $75.00 to $80.00 and gave the company a buy rating in a report on Wednesday, February 7th. Wedbush restated an outperform rating and set a $85.00 price target on shares of Silicon Motion Technology in a report on Thursday, February 8th. Finally, Needham & Company LLC reiterated a buy rating and issued a $75.00 target price on shares of Silicon Motion Technology in a research note on Monday, January 8th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $85.00.

Silicon Motion Technology Stock Up 1.9 %

SIMO stock traded up $1.37 during midday trading on Friday, hitting $73.85. The company’s stock had a trading volume of 461,178 shares, compared to its average volume of 488,253. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 46.74, a price-to-earnings-growth ratio of 3.77 and a beta of 0.84. The company has a 50 day moving average of $67.50 and a two-hundred day moving average of $60.33.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.12. The business had revenue of $202.38 million for the quarter, compared to analysts’ expectations of $197.60 million. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. On average, analysts anticipate that Silicon Motion Technology will post 2.72 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.71%. Silicon Motion Technology’s payout ratio is 125.95%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC lifted its holdings in shares of Silicon Motion Technology by 4.3% during the fourth quarter. Millennium Management LLC now owns 1,135,877 shares of the semiconductor producer’s stock worth $73,821,000 after purchasing an additional 47,147 shares during the period. Morgan Stanley lifted its holdings in shares of Silicon Motion Technology by 171.9% during the fourth quarter. Morgan Stanley now owns 1,119,471 shares of the semiconductor producer’s stock worth $72,754,000 after purchasing an additional 707,765 shares during the period. Sand Grove Capital Management LLP lifted its holdings in shares of Silicon Motion Technology by 5.8% during the fourth quarter. Sand Grove Capital Management LLP now owns 1,061,055 shares of the semiconductor producer’s stock worth $68,958,000 after purchasing an additional 58,496 shares during the period. Alpine Associates Management Inc. lifted its holdings in Silicon Motion Technology by 0.3% in the fourth quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after acquiring an additional 3,300 shares during the period. Finally, Hawk Ridge Capital Management LP lifted its holdings in Silicon Motion Technology by 63.1% in the third quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock valued at $48,409,000 after acquiring an additional 365,461 shares during the period. Institutional investors and hedge funds own 62.63% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.