Silicon Motion Technology (NASDAQ:SIMO) Shares Up 8.7% – Time to Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price traded up 8.7% during trading on Tuesday . The company traded as high as $97.96 and last traded at $101.7560. 38,972 shares traded hands during trading, a decline of 82% from the average session volume of 214,722 shares. The stock had previously closed at $93.58.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SIMO. JPMorgan Chase & Co. boosted their target price on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Roth Capital restated a “buy” rating and set a $120.00 price objective on shares of Silicon Motion Technology in a report on Friday, October 31st. Wedbush set a $120.00 price objective on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Finally, Wall Street Zen upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $111.25.

Silicon Motion Technology Trading Down 8.3%

The firm has a market capitalization of $3.77 billion, a PE ratio of 38.15, a PEG ratio of 1.16 and a beta of 1.05. The firm’s fifty day moving average price is $91.03 and its 200 day moving average price is $85.55.

Silicon Motion Technology Dividend Announcement

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

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIMO. Reinhart Partners LLC. grew its position in Silicon Motion Technology by 2.0% in the third quarter. Reinhart Partners LLC. now owns 1,500,934 shares of the semiconductor producer’s stock worth $142,305,000 after acquiring an additional 29,351 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Silicon Motion Technology by 4.1% in the second quarter. Acadian Asset Management LLC now owns 1,310,353 shares of the semiconductor producer’s stock worth $98,453,000 after purchasing an additional 51,978 shares in the last quarter. Pertento Partners LLP increased its position in Silicon Motion Technology by 2.5% during the third quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock worth $122,344,000 after buying an additional 31,405 shares during the last quarter. Frontier Capital Management Co. LLC raised its holdings in Silicon Motion Technology by 115.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock valued at $96,301,000 after buying an additional 686,261 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock worth $74,299,000 after buying an additional 17,741 shares during the last quarter. Institutional investors own 78.02% 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.