StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO – Get Rating) from a hold rating to a buy rating in a research note issued to investors on Monday.
Other research analysts have also issued reports about the stock. B. Riley decreased their price objective on shares of Silicon Motion Technology from $114.00 to $107.00 in a report on Monday, August 1st. Wedbush dropped their price target on shares of Silicon Motion Technology from $115.00 to $110.00 in a research report on Thursday, July 28th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $106.17.
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Silicon Motion Technology Stock Performance
Shares of SIMO opened at $73.41 on Monday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.18 and a beta of 0.99. The company's 50 day simple moving average is $80.73 and its 200 day simple moving average is $80.41. Silicon Motion Technology has a 1 year low of $64.41 and a 1 year high of $98.65.
Silicon Motion Technology Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Wednesday, August 10th. Silicon Motion Technology's dividend payout ratio is presently 30.80%.
Hedge Funds Weigh In On Silicon Motion Technology
Several institutional investors have recently added to or reduced their stakes in the business. Standard Family Office LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter valued at about $35,000. Pinebridge Investments L.P. grew its holdings in shares of Silicon Motion Technology by 127.0% in the second quarter. Pinebridge Investments L.P. now owns 454 shares of the semiconductor producer's stock worth $38,000 after acquiring an additional 254 shares during the period. Optimum Investment Advisors bought a new stake in shares of Silicon Motion Technology in the fourth quarter worth $48,000. Covestor Ltd bought a new stake in Silicon Motion Technology during the first quarter valued at about $97,000. Finally, Financial Gravity Asset Management Inc. lifted its position in shares of Silicon Motion Technology by 31.6% in the second quarter. Financial Gravity Asset Management Inc. now owns 1,764 shares of the semiconductor producer's stock valued at $4,207,000 after acquiring an additional 424 shares in the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.
Silicon Motion Technology Company Profile
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Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It 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.
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