B. Riley set a $69.00 price target on Silicon Motion Technology Corporation (NASDAQ:SIMO) in a report released on Wednesday. The firm currently has a buy rating on the semiconductor producer’s stock.

“We nudge our estimates higher to better align with the company’s strong preliminary results relative to guidance. As such, we increase projected Q3 revenue and EPS from $125.5MM/$0.57 to $126.4MM/$0.58, and with some revenue and earnings follow through into Q4 and FY ‘18e and ‘19e as well.”,” B. Riley’s analyst wrote.

A number of other research analysts have also recently commented on the company. Zacks Investment Research cut Silicon Motion Technology Corporation from a buy rating to a hold rating in a report on Tuesday, July 4th. Standpoint Research raised Silicon Motion Technology Corporation from a reduce rating to a buy rating in a report on Wednesday, August 30th. Loop Capital lowered their price target on Silicon Motion Technology Corporation from $61.00 to $54.00 and set a buy rating on the stock in a report on Monday, July 10th. Needham & Company LLC reissued a buy rating and issued a $54.00 price target on shares of Silicon Motion Technology Corporation in a report on Friday, September 22nd. Finally, BidaskClub cut Silicon Motion Technology Corporation from a sell rating to a strong sell rating in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $57.67.

Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 47.26 on Wednesday. The company has a 50 day moving average of $48.89 and a 200 day moving average of $47.50. Silicon Motion Technology Corporation has a 52-week low of $37.37 and a 52-week high of $55.68. The company has a market capitalization of $1.69 billion, a PE ratio of 15.98 and a beta of 0.70.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.01. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The company had revenue of $127.20 million for the quarter, compared to analysts’ expectations of $127.24 million. During the same period in the previous year, the firm earned $1.07 EPS. The firm’s revenue was down 19.8% compared to the same quarter last year. On average, equities research analysts forecast that Silicon Motion Technology Corporation will post $2.69 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Thursday, November 9th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.54%. This is a boost from Silicon Motion Technology Corporation’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, November 8th. Silicon Motion Technology Corporation’s dividend payout ratio is 31.10%.

Silicon Motion Technology Corporation announced that its Board of Directors has initiated a stock buyback program on Monday, July 31st that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional investors and hedge funds have recently modified their holdings of the company. AXA purchased a new stake in shares of Silicon Motion Technology Corporation during the 2nd quarter worth approximately $8,066,000. Goldman Sachs Group Inc. raised its holdings in shares of Silicon Motion Technology Corporation by 3,894.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 407,410 shares of the semiconductor producer’s stock worth $19,046,000 after acquiring an additional 397,210 shares in the last quarter. First Trust Advisors LP increased its position in shares of Silicon Motion Technology Corporation by 20.7% during the 1st quarter. First Trust Advisors LP now owns 10,970 shares of the semiconductor producer’s stock valued at $513,000 after purchasing an additional 1,878 shares during the last quarter. Sloane Robinson LLP increased its position in shares of Silicon Motion Technology Corporation by 134.4% during the 2nd quarter. Sloane Robinson LLP now owns 503,500 shares of the semiconductor producer’s stock valued at $24,284,000 after purchasing an additional 288,700 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in shares of Silicon Motion Technology Corporation by 8.9% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 447,867 shares of the semiconductor producer’s stock valued at $21,601,000 after purchasing an additional 36,676 shares during the last quarter. 79.42% of the stock is currently owned by institutional investors and hedge funds.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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