Silicon Motion Technology Co. (NASDAQ:SIMO) Announces $0.50 Quarterly Dividend

Silicon Motion Technology Co. (NASDAQ:SIMO) declared a quarterly dividend on Monday, October 28th, Zacks reports. Stockholders of record on Thursday, November 14th will be paid a dividend of 0.50 per share by the semiconductor producer on Wednesday, November 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend is Thursday, November 14th.

Silicon Motion Technology has decreased its dividend payment by an average of 29.1% per year over the last three years. Silicon Motion Technology has a payout ratio of 45.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Silicon Motion Technology to earn $3.61 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 55.4%.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $57.83 on Wednesday. Silicon Motion Technology has a fifty-two week low of $52.65 and a fifty-two week high of $85.87. The stock has a 50 day simple moving average of $59.14 and a two-hundred day simple moving average of $69.67. The company has a market cap of $1.95 billion, a P/E ratio of 24.71, a PEG ratio of 0.88 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. Silicon Motion Technology’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. On average, research analysts predict that Silicon Motion Technology will post 2.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Morgan Stanley cut their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. B. Riley decreased their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Needham & Company LLC increased their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Finally, Roth Mkm lowered their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average price target of $86.11.

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.