Silicon Motion Technology Co. (NASDAQ:SIMO) Forecasted to Post Q2 2024 Earnings of $0.79 Per Share

Silicon Motion Technology Co. (NASDAQ:SIMO) – Equities researchers at B. Riley increased their Q2 2024 EPS estimates for Silicon Motion Technology in a research note issued on Monday, July 8th. B. Riley analyst C. Ellis now anticipates that the semiconductor producer will earn $0.79 per share for the quarter, up from their previous forecast of $0.70. B. Riley currently has a “Buy” rating and a $112.00 target price on the stock. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $2.83 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q4 2024 earnings at $0.74 EPS and FY2024 earnings at $2.57 EPS.

Other research analysts also recently issued research reports about the company. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $59.00 to $88.00 in a research note on Monday, May 6th. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Craig Hallum raised their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Monday, May 6th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Finally, Susquehanna raised their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research note on Monday, May 6th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $93.13.

Silicon Motion Technology Trading Up 0.8 %

Shares of SIMO opened at $80.69 on Thursday. The stock has a 50 day moving average of $80.01 and a 200 day moving average of $73.45. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 0.75 and a beta of 0.86. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.48 EPS for the quarter, beating the consensus estimate of $0.41 by $0.07. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. The firm had revenue of $189.31 million during the quarter, compared to analyst estimates of $180.23 million.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC grew its holdings in shares of Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares in the last quarter. Alpine Associates Management Inc. raised its position in shares of Silicon Motion Technology by 0.3% during the 4th quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after buying an additional 3,300 shares in the last quarter. Farallon Capital Management LLC lifted its holdings in shares of Silicon Motion Technology by 247.0% during the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after acquiring an additional 608,949 shares during the last quarter. Wellington Management Group LLP grew its position in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock worth $41,989,000 after acquiring an additional 758,640 shares in the last quarter. Finally, Reinhart Partners LLC. increased its stake in Silicon Motion Technology by 5.1% in the first quarter. Reinhart Partners LLC. now owns 736,371 shares of the semiconductor producer’s stock valued at $56,656,000 after acquiring an additional 35,623 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

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.