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

Silicon Motion Technology Co. (NASDAQ:SIMO) declared a quarterly dividend on Monday, April 22nd, Wall Street Journal reports. Stockholders of record on Thursday, May 9th will be given a dividend of 0.50 per share by the semiconductor producer on Thursday, May 23rd. This represents a $2.00 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Wednesday, May 8th.

Silicon Motion Technology has decreased its dividend by an average of 29.1% per year over the last three years. Silicon Motion Technology has a dividend payout ratio of 42.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Silicon Motion Technology to earn $4.02 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 49.8%.

Silicon Motion Technology Trading Up 0.9 %

SIMO opened at $72.47 on Tuesday. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 45.87, a PEG ratio of 3.87 and a beta of 0.85. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The stock has a fifty day moving average price of $73.74 and a 200-day moving average price of $64.68.

Silicon Motion Technology (NASDAQ:SIMO) last released 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 return on equity of 7.01% and a net margin of 8.27%. The firm had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. On average, equities research analysts forecast that Silicon Motion Technology will post 2.65 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on SIMO shares. Needham & Company LLC boosted their target price on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. B. Riley boosted their target price on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. boosted their target price on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Wedbush restated an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 10th. Finally, Craig Hallum boosted their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.57.

About Silicon Motion Technology

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.