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 research note issued to investors on Monday morning, Marketbeat Ratings reports. The firm currently has $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 research reports. StockNews.com raised shares of Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday. Craig Hallum upped their price target on Silicon Motion Technology from $75.00 to $80.00 and gave the company a buy rating in a report on Wednesday, February 7th. Needham & Company LLC increased their target price on Silicon Motion Technology from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. increased their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. Finally, B. Riley lifted their target price on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $91.13.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $78.58 on Monday. The firm’s fifty day moving average price is $74.80 and its 200-day moving average price is $65.95. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The stock has a market cap of $2.65 billion, a P/E ratio of 44.65, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The firm had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. On average, analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC increased its holdings 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 during the period. Signaturefd LLC grew its stake 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 acquiring an additional 444 shares during the last quarter. Assetmark Inc. purchased a new position in shares of Silicon Motion Technology in the third quarter worth $51,000. CVA Family Office LLC purchased a new position in Silicon Motion Technology in the 4th quarter worth $65,000. Finally, Covestor Ltd raised its position in Silicon Motion Technology by 76.9% during the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after buying an additional 777 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

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.