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

Silicon Motion Technology Co. (NASDAQ:SIMO) announced a quarterly dividend on Friday, January 10th,Wall Street Journal reports. Investors of record on Thursday, August 7th will be paid 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% meaning its dividend is sufficiently covered by earnings. Equities 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 Performance

Shares of SIMO stock opened at $52.96 on Friday. Silicon Motion Technology has a 52-week low of $50.50 and a 52-week high of $85.87. The stock has a market cap of $1.78 billion, a PE ratio of 20.06, a PEG ratio of 1.61 and a beta of 0.80. The firm’s 50 day moving average price is $54.91 and its two-hundred day moving average price is $61.24.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. As a group, sell-side analysts predict that Silicon Motion Technology will post 2.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Susquehanna lowered their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Roth Mkm reduced their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Morgan Stanley reduced their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Needham & Company LLC reduced their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus 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.