Silicon Motion Technology (NASDAQ:SIMO) Upgraded by B. Riley to Buy

B. Riley upgraded shares of Silicon Motion Technology (NASDAQ:SIMOFree Report) from a neutral rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat.com reports. B. Riley currently has $90.00 price target on the semiconductor producer’s stock, up from their prior price target of $64.00.

A number of other equities analysts have also recently commented on SIMO. Needham & Company LLC reissued a buy rating and issued a $75.00 price objective on shares of Silicon Motion Technology in a research note on Monday, January 8th. Wedbush reissued an outperform rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Friday, January 5th. Craig Hallum lifted their price objective on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday. Roth Mkm raised shares of Silicon Motion Technology from a neutral rating to a buy rating and lifted their price objective for the stock from $60.00 to $75.00 in a research note on Thursday, November 2nd. Finally, JPMorgan Chase & Co. raised shares of Silicon Motion Technology from a neutral rating to an overweight rating and lifted their price objective for the stock from $54.00 to $77.00 in a research note on Thursday, January 4th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Silicon Motion Technology currently has an average rating of Moderate Buy and an average price target of $83.43.

Check Out Our Latest Analysis on SIMO

Silicon Motion Technology Stock Performance

SIMO opened at $66.95 on Wednesday. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 42.37, a PEG ratio of 3.34 and a beta of 0.82. The company has a fifty day moving average of $61.61 and a 200 day moving average of $57.75. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Tuesday, February 20th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.99%. Silicon Motion Technology’s dividend payout ratio is presently 125.95%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently made changes to their positions in the company. LPL Financial LLC boosted its stake in shares of Silicon Motion Technology by 2.7% during the 3rd quarter. LPL Financial LLC now owns 7,395 shares of the semiconductor producer’s stock worth $379,000 after purchasing an additional 197 shares during the period. Geode Capital Management LLC lifted its holdings in Silicon Motion Technology by 0.8% during the 1st quarter. Geode Capital Management LLC now owns 34,060 shares of the semiconductor producer’s stock valued at $2,232,000 after buying an additional 281 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Silicon Motion Technology during the 4th quarter valued at about $26,000. Signaturefd LLC lifted its holdings in Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after buying an additional 444 shares in the last quarter. Finally, Toroso Investments LLC lifted its holdings in Silicon Motion Technology by 6.0% during the 1st quarter. Toroso Investments LLC now owns 8,073 shares of the semiconductor producer’s stock valued at $529,000 after buying an additional 456 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

About Silicon Motion Technology

(Get Free Report)

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.

Featured Articles

Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.