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

Silicon Motion Technology Co. (NASDAQ:SIMO) announced a quarterly dividend on Friday, January 10th,Wall Street Journal reports. Stockholders of record on Thursday, August 7th will be given a dividend of 0.50 per share by the semiconductor producer on Thursday, August 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, August 7th.

Silicon Motion Technology has increased its dividend by an average of 8.9% annually over the last three years. Silicon Motion Technology has a dividend payout ratio of 39.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Silicon Motion Technology to earn $2.99 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 66.9%.

Silicon Motion Technology Stock Down 4.0 %

Shares of NASDAQ:SIMO traded down $2.21 during trading on Friday, reaching $52.96. 180,705 shares of the company traded hands, compared to its average volume of 192,368. The company’s 50 day moving average is $54.91 and its two-hundred day moving average is $61.41. The firm has a market capitalization of $1.78 billion, a PE ratio of 20.06, a PEG ratio of 1.61 and a beta of 0.80. Silicon Motion Technology has a 52 week low of $50.50 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. During the same period in the prior year, the company earned $0.32 EPS. Silicon Motion Technology’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, research analysts anticipate that Silicon Motion Technology will post 2.59 EPS for the current year.

Wall Street Analyst Weigh In

SIMO has been the subject of several recent analyst reports. Craig Hallum dropped their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC dropped their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Susquehanna dropped their target price on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Silicon Motion Technology currently has an average rating of “Moderate Buy” and an average target price of $81.67.

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.