B. Riley Boosts Silicon Motion Technology (SIMO) Price Target to $55.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective increased by B. Riley from $52.00 to $55.00 in a research report released on Monday, The Fly reports. The brokerage currently has a buy rating on the semiconductor producer’s stock. B. Riley also issued estimates for Silicon Motion Technology’s Q3 2019 earnings at $0.78 EPS.

Several other equities analysts also recently issued reports on the stock. Morgan Stanley downgraded shares of Silicon Motion Technology from an equal weight rating to an underweight rating in a research note on Monday, April 22nd. Craig Hallum reaffirmed a buy rating and set a $52.00 price target (down previously from $55.00) on shares of Silicon Motion Technology in a research note on Monday, January 28th. BidaskClub downgraded shares of Silicon Motion Technology from a sell rating to a strong sell rating in a research note on Wednesday, January 9th. Bank of America raised shares of Silicon Motion Technology from an underperform rating to a buy rating and set a $45.00 price target for the company in a research note on Friday, January 18th. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology from a buy rating to a hold rating in a research note on Monday, February 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $50.95.

Shares of NASDAQ:SIMO opened at $42.16 on Monday. The company has a market capitalization of $1.44 billion, a P/E ratio of 12.36 and a beta of 1.03. Silicon Motion Technology has a one year low of $31.73 and a one year high of $61.85.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.07. The firm had revenue of $94.69 million during the quarter, compared to the consensus estimate of $93.23 million. Silicon Motion Technology had a net margin of 17.28% and a return on equity of 18.92%. The company’s revenue for the quarter was down 27.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 earnings per share. On average, equities analysts expect that Silicon Motion Technology will post 2.19 earnings per share for the current year.

The company also recently disclosed a dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, May 9th will be given a dividend of $0.298 per share. The ex-dividend date is Wednesday, May 8th. This is a boost from Silicon Motion Technology’s previous dividend of $0.20. Silicon Motion Technology’s dividend payout ratio is 34.90%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Silicon Motion Technology by 24,921.3% during the first quarter. BlackRock Inc. now owns 684,833 shares of the semiconductor producer’s stock worth $27,148,000 after buying an additional 682,096 shares during the period. Oak Associates Ltd. OH increased its position in shares of Silicon Motion Technology by 3.3% during the first quarter. Oak Associates Ltd. OH now owns 32,060 shares of the semiconductor producer’s stock worth $1,271,000 after buying an additional 1,025 shares during the period. Freestone Capital Holdings LLC increased its position in shares of Silicon Motion Technology by 48.4% during the first quarter. Freestone Capital Holdings LLC now owns 152,302 shares of the semiconductor producer’s stock worth $6,037,000 after buying an additional 49,660 shares during the period. Penserra Capital Management LLC increased its position in shares of Silicon Motion Technology by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,320 shares of the semiconductor producer’s stock worth $52,000 after buying an additional 440 shares during the period. Finally, Great West Life Assurance Co. Can increased its position in shares of Silicon Motion Technology by 991.4% during the first quarter. Great West Life Assurance Co. Can now owns 4,038 shares of the semiconductor producer’s stock worth $160,000 after buying an additional 3,668 shares during the period. Institutional investors own 71.14% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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