Silicon Motion Technology Co. (NASDAQ:SIMO) Expected to Post Quarterly Sales of $243.56 Million

Wall Street brokerages expect Silicon Motion Technology Co. (NASDAQ:SIMO) to post sales of $243.56 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Silicon Motion Technology’s earnings, with the highest sales estimate coming in at $243.68 million and the lowest estimate coming in at $243.50 million. Silicon Motion Technology reported sales of $126.04 million during the same quarter last year, which indicates a positive year-over-year growth rate of 93.2%. The business is scheduled to issue its next quarterly earnings report on Monday, November 1st.

According to Zacks, analysts expect that Silicon Motion Technology will report full-year sales of $902.59 million for the current year, with estimates ranging from $899.98 million to $903.60 million. For the next year, analysts anticipate that the firm will post sales of $1.01 billion, with estimates ranging from $869.62 million to $1.08 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Silicon Motion Technology.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Thursday, July 29th. The semiconductor producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.11. Silicon Motion Technology had a net margin of 16.27% and a return on equity of 18.30%. The business had revenue of $221.10 million for the quarter, compared to analyst estimates of $203.95 million.

SIMO has been the topic of a number of research reports. Craig Hallum lifted their price target on shares of Silicon Motion Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, August 2nd. Needham & Company LLC lifted their price objective on shares of Silicon Motion Technology from $100.00 to $115.00 and gave the company a “buy” rating in a report on Monday, August 2nd. Morgan Stanley upgraded shares of Silicon Motion Technology from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $68.00 to $78.00 in a report on Thursday, August 12th. Cowen boosted their target price on shares of Silicon Motion Technology from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, August 2nd. Finally, B. Riley boosted their target price on shares of Silicon Motion Technology from $94.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, August 2nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $94.71.

SIMO traded down $0.05 during trading on Friday, reaching $75.07. The company had a trading volume of 144,555 shares, compared to its average volume of 439,551. Silicon Motion Technology has a 12 month low of $35.16 and a 12 month high of $81.87. The business’s fifty day moving average price is $72.41 and its 200 day moving average price is $67.35. The company has a market cap of $2.62 billion, a P/E ratio of 23.91, a PEG ratio of 1.76 and a beta of 1.11.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 19th. Shareholders of record on Thursday, August 5th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $1.40 annualized dividend and a dividend yield of 1.86%. Silicon Motion Technology’s dividend payout ratio is currently 60.96%.

Several large investors have recently added to or reduced their stakes in the business. Yiheng Capital Management L.P. increased its holdings in shares of Silicon Motion Technology by 33.0% in the second quarter. Yiheng Capital Management L.P. now owns 1,762,123 shares of the semiconductor producer’s stock valued at $112,952,000 after purchasing an additional 436,800 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Silicon Motion Technology by 1.8% in the second quarter. Westfield Capital Management Co. LP now owns 1,478,232 shares of the semiconductor producer’s stock valued at $94,755,000 after acquiring an additional 26,139 shares during the period. Lazard Asset Management LLC boosted its position in shares of Silicon Motion Technology by 4.7% in the second quarter. Lazard Asset Management LLC now owns 1,403,979 shares of the semiconductor producer’s stock valued at $89,994,000 after acquiring an additional 63,259 shares during the period. Millennium Management LLC boosted its position in shares of Silicon Motion Technology by 150.7% in the second quarter. Millennium Management LLC now owns 1,313,142 shares of the semiconductor producer’s stock valued at $84,172,000 after acquiring an additional 789,328 shares during the period. Finally, Lord Abbett & CO. LLC boosted its position in shares of Silicon Motion Technology by 512.8% in the second quarter. Lord Abbett & CO. LLC now owns 1,154,766 shares of the semiconductor producer’s stock valued at $74,021,000 after acquiring an additional 966,323 shares during the period. Hedge funds and other institutional investors own 74.04% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.

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