Silicon Motion Technology Co. (NASDAQ:SIMO) Expected to Announce Quarterly Sales of $243.56 Million

Brokerages forecast that Silicon Motion Technology Co. (NASDAQ:SIMO) will post sales of $243.56 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Silicon Motion Technology’s earnings, with the lowest sales estimate coming in at $243.50 million and the highest estimate coming in at $243.68 million. Silicon Motion Technology reported sales of $126.04 million in the same quarter last year, which would suggest a positive year over year growth rate of 93.2%. The business is expected to announce its next quarterly earnings report on Monday, November 1st.

According to Zacks, analysts expect that Silicon Motion Technology will report full year sales of $902.59 million for the current financial year, with estimates ranging from $899.98 million to $903.60 million. For the next financial year, analysts anticipate that the business will post sales of $1.01 billion, with estimates ranging from $869.62 million to $1.08 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Silicon Motion Technology.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Thursday, July 29th. The semiconductor producer reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.11. The company had revenue of $221.10 million for the quarter, compared to analysts’ expectations of $203.95 million. Silicon Motion Technology had a return on equity of 18.30% and a net margin of 16.27%.

Several research firms have commented on SIMO. Morgan Stanley raised Silicon Motion Technology from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $68.00 to $78.00 in a report on Thursday, August 12th. Craig Hallum boosted their target price on Silicon Motion Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, August 2nd. B. Riley upped their price target on Silicon Motion Technology from $94.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 2nd. Cowen upped their price target on Silicon Motion Technology from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, August 2nd. Finally, Needham & Company LLC upped their price target on Silicon Motion Technology from $100.00 to $115.00 and gave the company a “buy” rating in a report on Monday, August 2nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and an average price target of $94.71.

Silicon Motion Technology stock traded down $0.05 during mid-day trading on Friday, hitting $75.07. The company had a trading volume of 144,555 shares, compared to its average volume of 439,551. The stock’s 50 day moving average price is $72.41 and its two-hundred day moving average price is $67.35. Silicon Motion Technology has a 12 month low of $35.16 and a 12 month high of $81.87. The company has a market capitalization of $2.62 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 1.76 and a beta of 1.11.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Shareholders of record on Thursday, August 5th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date was Wednesday, August 4th. Silicon Motion Technology’s dividend payout ratio is 60.96%.

A number of hedge funds have recently bought and sold shares of SIMO. Quantbot Technologies LP bought a new position in Silicon Motion Technology in the first quarter valued at about $27,000. Employees Retirement System of Texas bought a new position in Silicon Motion Technology in the second quarter valued at about $67,000. Cullen Frost Bankers Inc. bought a new position in Silicon Motion Technology in the second quarter valued at about $71,000. Heritage Wealth Management LLC lifted its holdings in Silicon Motion Technology by 57.7% in the second quarter. Heritage Wealth Management LLC now owns 1,424 shares of the semiconductor producer’s stock valued at $91,000 after acquiring an additional 521 shares during the period. Finally, Bank of Montreal Can lifted its holdings in Silicon Motion Technology by 40.6% in the first quarter. Bank of Montreal Can now owns 1,429 shares of the semiconductor producer’s stock valued at $99,000 after acquiring an additional 413 shares during the period. 74.04% of the stock is currently owned by institutional investors.

About Silicon Motion Technology

Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.

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Earnings History and Estimates for Silicon Motion Technology (NASDAQ:SIMO)

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