Brokerages Expect Silicon Motion Technology Co. (SIMO) Will Announce Quarterly Sales of $133.18 Million

Equities research analysts predict that Silicon Motion Technology Co. (NASDAQ:SIMO) will report sales of $133.18 million for the current quarter, Zacks reports. Four analysts have provided estimates for Silicon Motion Technology’s earnings, with the highest sales estimate coming in at $133.70 million and the lowest estimate coming in at $133.00 million. Silicon Motion Technology reported sales of $144.20 million during the same quarter last year, which indicates a negative year-over-year growth rate of 7.6%. The firm is expected to announce its next quarterly earnings report on Monday, January 22nd.

On average, analysts expect that Silicon Motion Technology will report full year sales of $133.18 million for the current fiscal year, with estimates ranging from $520.00 million to $521.00 million. For the next year, analysts expect that the company will report sales of $576.96 million per share, with estimates ranging from $560.00 million to $589.00 million. Zacks’ sales calculations are an average based on a survey of research firms that follow Silicon Motion Technology.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. Silicon Motion Technology had a return on equity of 13.93% and a net margin of 13.83%. The company had revenue of $127.20 million for the quarter, compared to analyst estimates of $127.24 million. During the same period in the previous year, the company posted $1.07 earnings per share. The firm’s revenue was down 19.8% on a year-over-year basis.

SIMO has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and set a $54.00 price target on shares of Silicon Motion Technology in a research report on Friday, September 22nd. Standpoint Research upgraded Silicon Motion Technology from a “reduce” rating to a “buy” rating in a research report on Wednesday, August 30th. Loop Capital restated a “buy” rating and set a $51.00 price target on shares of Silicon Motion Technology in a research report on Tuesday, August 22nd. Lake Street Capital restated a “buy” rating and set a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology in a research report on Tuesday, August 8th. Finally, B. Riley restated a “buy” rating and set a $68.75 price target on shares of Silicon Motion Technology in a research report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. Silicon Motion Technology currently has an average rating of “Buy” and a consensus price target of $57.67.

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Several large investors have recently made changes to their positions in the company. ARGA Investment Management LP lifted its holdings in shares of Silicon Motion Technology by 6.2% during the third quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock valued at $88,365,000 after purchasing an additional 106,900 shares in the last quarter. Investec Asset Management LTD lifted its holdings in shares of Silicon Motion Technology by 46.4% during the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after purchasing an additional 519,631 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Silicon Motion Technology by 170.4% during the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after purchasing an additional 597,352 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Silicon Motion Technology by 78.0% during the third quarter. Royce & Associates LP now owns 801,540 shares of the semiconductor producer’s stock valued at $38,498,000 after purchasing an additional 351,140 shares in the last quarter. Finally, Teachers Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 27.9% during the second quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock valued at $37,990,000 after purchasing an additional 171,989 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology (NASDAQ SIMO) traded up $1.14 during midday trading on Friday, hitting $49.07. The company had a trading volume of 467,083 shares, compared to its average volume of 609,694. Silicon Motion Technology has a one year low of $37.37 and a one year high of $55.68. The company has a market capitalization of $1,730.00, a price-to-earnings ratio of 18.19 and a beta of 0.65.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, November 9th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.45%. This is an increase from Silicon Motion Technology’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, November 8th. Silicon Motion Technology’s payout ratio is 34.77%.

Silicon Motion Technology declared that its Board of Directors has initiated a share repurchase plan on Monday, July 31st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Silicon Motion Technology Company Profile

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.

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