Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives $113.13 Average Price Target from Brokerages

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $113.1250.

A number of research analysts recently commented on SIMO shares. Wedbush set a $120.00 price target on Silicon Motion Technology in a report on Monday, November 3rd. Roth Capital restated a “buy” rating and set a $120.00 target price on shares of Silicon Motion Technology in a research report on Friday, October 31st. Zacks Research cut shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. B. Riley boosted their price target on shares of Silicon Motion Technology from $125.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th.

Institutional Trading of Silicon Motion Technology

Several hedge funds have recently modified their holdings of SIMO. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology in the third quarter valued at $26,000. EverSource Wealth Advisors LLC lifted its position in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $71,000. NewEdge Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth about $79,000. Finally, GAMMA Investing LLC raised its position in shares of Silicon Motion Technology by 118.3% during the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock valued at $73,000 after buying an additional 529 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Down 0.4%

Shares of Silicon Motion Technology stock opened at $112.87 on Wednesday. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 1.26 and a beta of 1.05. The stock’s 50-day simple moving average is $93.33 and its 200-day simple moving average is $87.41. Silicon Motion Technology has a 52 week low of $37.21 and a 52 week high of $123.30.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. Silicon Motion Technology’s dividend payout ratio is presently 68.73%.

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.