Silicon Motion Technology (NASDAQ:SIMO) Announces Earnings Results, Beats Expectations By $0.01 EPS

Silicon Motion Technology (NASDAQ:SIMO) released its quarterly earnings data on Friday. The semiconductor producer reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01, Briefing.com reports. Silicon Motion Technology had a return on equity of 10.41% and a net margin of 10.14%. The business had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. During the same period in the prior year, the firm posted $0.33 EPS. The business’s revenue for the quarter was up 50.1% on a year-over-year basis.

Silicon Motion Technology Price Performance

SIMO traded down $3.85 during trading on Monday, hitting $58.65. The stock had a trading volume of 589,148 shares, compared to its average volume of 420,818. The company has a 50 day moving average price of $78.39 and a 200-day moving average price of $74.60. Silicon Motion Technology has a one year low of $49.50 and a one year high of $85.87. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 33.37, a P/E/G ratio of 0.60 and a beta of 0.86.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.41%. The ex-dividend date is Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is 113.07%.

Analyst Ratings Changes

Several analysts recently issued reports on SIMO shares. Craig Hallum upped their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a report on Monday, May 6th. Morgan Stanley raised Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $59.00 to $88.00 in a report on Monday, May 6th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Susquehanna upped their price objective on Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a report on Monday, May 6th. Finally, B. Riley reduced their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Buy” and a consensus price target of $91.00.

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.