Zacks: Analysts Anticipate Silicon Motion Technology Co. (NASDAQ:SIMO) Will Post Quarterly Sales of $173.00 Million

Brokerages expect Silicon Motion Technology Co. (NASDAQ:SIMO) to post $173.00 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Silicon Motion Technology’s earnings, with estimates ranging from $159.00 million to $180.00 million. Silicon Motion Technology posted sales of $132.77 million in the same quarter last year, which suggests a positive year-over-year growth rate of 30.3%. The firm is expected to announce its next quarterly earnings results after the market closes on Wednesday, May 5th.

On average, analysts expect that Silicon Motion Technology will report full-year sales of $699.40 million for the current year, with estimates ranging from $682.30 million to $727.50 million. For the next fiscal year, analysts forecast that the firm will report sales of $789.37 million, with estimates ranging from $742.00 million to $848.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Silicon Motion Technology.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 2nd. The semiconductor producer reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.15. Silicon Motion Technology had a return on equity of 18.13% and a net margin of 18.92%. The company had revenue of $143.90 million for the quarter, compared to analyst estimates of $143.08 million. During the same quarter in the prior year, the company posted $0.96 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year.

A number of research analysts have weighed in on SIMO shares. Roth Capital increased their price target on Silicon Motion Technology from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, April 8th. Zacks Investment Research raised Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Monday, January 11th. Needham & Company LLC increased their target price on Silicon Motion Technology from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, April 13th. Craig Hallum increased their target price on Silicon Motion Technology from $55.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, February 4th. Finally, B. Riley increased their target price on Silicon Motion Technology from $75.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, April 15th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $67.33.

Shares of Silicon Motion Technology stock traded down $1.84 during trading hours on Monday, reaching $64.69. 10,498 shares of the company’s stock were exchanged, compared to its average volume of 539,335. Silicon Motion Technology has a 52-week low of $35.13 and a 52-week high of $70.94. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth ratio of 2.08 and a beta of 1.06. The company has a fifty day moving average of $63.20 and a 200-day moving average of $50.59.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Stockholders of record on Thursday, May 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, May 5th. This represents a $1.40 annualized dividend and a dividend yield of 2.16%. Silicon Motion Technology’s dividend payout ratio is presently 76.37%.

Several institutional investors have recently made changes to their positions in SIMO. International Assets Investment Management LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter valued at about $34,000. Valeo Financial Advisors LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter valued at about $124,000. Veriti Management LLC acquired a new position in Silicon Motion Technology in the fourth quarter worth about $165,000. Truist Financial Corp acquired a new position in Silicon Motion Technology in the fourth quarter worth about $221,000. Finally, Canandaigua National Corp acquired a new position in Silicon Motion Technology in the first quarter worth about $231,000. Institutional investors own 66.72% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It offers solid-state drive (SSDs) used in PCs and other devices, as well as embedded multimediacard (eMMC) and UFS mobile embedded storage used in smartphones.

See Also: Systematic Risk

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

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