Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Up Following Dividend Announcement

Silicon Motion Technology Co. (NASDAQ:SIMO) shares gapped up before the market opened on Friday following a dividend announcement from the company. The stock had previously closed at $73.40, but opened at $78.82. Silicon Motion Technology shares last traded at $75.73, with a volume of 346,459 shares trading hands.

The newly announced dividend which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.70%. Silicon Motion Technology’s payout ratio is currently 113.07%.

Analyst Ratings Changes

SIMO has been the topic of a number of research reports. Needham & Company LLC increased their price target on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Wedbush reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday. B. Riley boosted their price target on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $87.57.

Silicon Motion Technology Trading Up 0.8 %

The stock has a market cap of $2.44 billion, a P/E ratio of 42.02, a price-to-earnings-growth ratio of 3.95 and a beta of 0.87. The stock’s 50-day moving average is $74.63 and its 200-day moving average is $65.71.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. On average, equities analysts forecast that Silicon Motion Technology Co. will post 2.65 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors have recently added to or reduced their stakes in SIMO. Inspire Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth $646,000. Skylands Capital LLC grew its holdings in Silicon Motion Technology by 46.7% during the third quarter. Skylands Capital LLC now owns 35,200 shares of the semiconductor producer’s stock worth $1,804,000 after acquiring an additional 11,200 shares during the period. Assetmark Inc. bought a new stake in Silicon Motion Technology in the third quarter worth about $51,000. Signaturefd LLC lifted its holdings in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after acquiring an additional 444 shares during the last quarter. Finally, Privium Fund Management UK Ltd boosted its position in shares of Silicon Motion Technology by 21.4% during the 3rd quarter. Privium Fund Management UK Ltd now owns 8,500 shares of the semiconductor producer’s stock valued at $435,000 after purchasing an additional 1,500 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.