Silicon Motion Technology Corp. (NASDAQ:SIMO) Announces $0.30 Quarterly Dividend

Silicon Motion Technology Corp. (NASDAQ:SIMO) declared a quarterly dividend on Friday, February 16th, Wall Street Journal reports. Stockholders of record on Thursday, May 10th will be paid a dividend of 0.30 per share by the semiconductor producer on Wednesday, May 23rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Wednesday, May 9th.

Shares of Silicon Motion Technology (SIMO) traded up $0.27 on Friday, hitting $45.13. The stock had a trading volume of 326,629 shares, compared to its average volume of 772,348. The firm has a market capitalization of $1,600.00, a price-to-earnings ratio of 21.49 and a beta of 0.47. Silicon Motion Technology has a 52 week low of $39.91 and a 52 week high of $56.51.

A hedge fund recently raised its stake in Silicon Motion Technology stock. State Street Corp boosted its holdings in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 10.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,417 shares of the semiconductor producer’s stock after buying an additional 3,509 shares during the period. State Street Corp owned approximately 0.10% of Silicon Motion Technology worth $1,757,000 as of its most recent SEC filing. Institutional investors and hedge funds own 82.38% of the company’s stock.

SIMO has been the topic of a number of research analyst reports. B. Riley reaffirmed a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology in a report on Monday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target on shares of Silicon Motion Technology in a research report on Friday, October 27th. ValuEngine lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Zacks Investment Research lowered Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 12th. Finally, KeyCorp raised their price objective on Silicon Motion Technology from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, December 14th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $56.56.

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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.

Dividend History for Silicon Motion Technology (NASDAQ:SIMO)

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