Wedbush restated their outperform rating on shares of Silicon Motion Technology (NASDAQ:SIMO – Free Report) in a research note issued to investors on Thursday, Benzinga reports. Wedbush currently has a $85.00 price objective on the semiconductor producer’s stock.
A number of other brokerages 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. Roth Mkm raised Silicon Motion Technology from a neutral rating to a buy rating and raised their price objective for the company from $60.00 to $75.00 in a research note on Thursday, November 2nd. JPMorgan Chase & Co. raised Silicon Motion Technology from a neutral rating to an overweight rating and lifted their target price for the company from $54.00 to $77.00 in a research report on Thursday, January 4th. B. Riley raised Silicon Motion Technology from a neutral rating to a buy rating and lifted their target price for the company from $64.00 to $90.00 in a research report on Wednesday. Finally, Craig Hallum lifted their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the company a buy rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $84.57.
Silicon Motion Technology Price Performance
Silicon Motion Technology Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Tuesday, February 20th will be given 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 2.95%. Silicon Motion Technology’s dividend payout ratio is presently 125.95%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new stake in shares of Silicon Motion Technology during the 4th quarter valued at $26,000. Quarry LP bought a new stake in shares of Silicon Motion Technology during the 2nd quarter valued at $36,000. Barclays PLC bought a new stake in shares of Silicon Motion Technology during the 4th quarter valued at $39,000. Signaturefd LLC raised its stake in shares of 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 purchasing an additional 444 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Silicon Motion Technology by 2,162.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 792 shares of the semiconductor producer’s stock valued at $52,000 after purchasing an additional 757 shares during the period. Hedge funds and other institutional investors own 62.63% of the company’s stock.
Silicon Motion Technology Company Profile
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.
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