Morgan Stanley Upgrades Silicon Motion Technology (NASDAQ:SIMO) to “Overweight”

Morgan Stanley upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from an equal weight rating to an overweight rating in a report released on Monday morning, MarketBeat Ratings reports. They currently have $88.00 price objective on the semiconductor producer’s stock, up from their prior price objective of $59.00.

SIMO has been the subject of several other reports. Craig Hallum upped their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. StockNews.com upgraded shares of Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday, May 3rd. Wedbush restated an outperform rating and set a $85.00 price target on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. increased their target price on Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a report on Thursday, February 8th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Silicon Motion Technology has an average rating of Buy and a consensus target price of $91.13.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $76.90 on Monday. The firm’s fifty day moving average is $75.29 and its two-hundred day moving average is $66.28. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 43.69, a PEG ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a one year low of $49.50 and a one year high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. As a group, equities research analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.60%. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC grew its stake in Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares in the last quarter. Signaturefd LLC grew its position in shares of Silicon Motion Technology by 183.5% during the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after buying an additional 444 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Silicon Motion Technology during the third quarter worth approximately $51,000. CVA Family Office LLC acquired a new stake in Silicon Motion Technology in the fourth quarter valued at approximately $65,000. Finally, Covestor Ltd lifted its stake in Silicon Motion Technology by 76.9% in the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after acquiring an additional 777 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.