Silicon Motion Technology Co. (NASDAQ:SIMO – Get Free Report) announced a quarterly dividend on Monday, April 22nd, Wall Street Journal reports. Shareholders of record on Thursday, May 9th will be paid a dividend of 0.50 per share by the semiconductor producer on Thursday, May 23rd. This represents a $2.00 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, May 8th.
Silicon Motion Technology has decreased its dividend payment by an average of 29.1% annually over the last three years. Silicon Motion Technology has a dividend payout ratio of 42.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Silicon Motion Technology to earn $4.02 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 49.8%.
Silicon Motion Technology Price Performance
Shares of SIMO opened at $72.47 on Tuesday. The firm has a market cap of $2.40 billion, a P/E ratio of 45.87, a P/E/G ratio of 3.87 and a beta of 0.85. The stock has a 50 day simple moving average of $73.74 and a two-hundred day simple moving average of $64.68. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33.
Analysts Set New Price Targets
Several brokerages have issued reports on SIMO. Wedbush reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 10th. B. Riley boosted their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Craig Hallum boosted their price objective on Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus price target of $87.57.
Check Out Our Latest Research Report on SIMO
About Silicon Motion Technology
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.
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