Share Repurchase Program Announced by Silicon Motion Technology (NASDAQ:SIMO) Board

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) announced that its board has approved a share repurchase program on Wednesday, February 5th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization authorizes the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.Wall Street Analyst Weigh InSilicon Motion Proves That AI in Motion Stays in MotionA number of research analysts recently weighed in on SIMO shares. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Craig Hallum decreased their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Needham & Company LLC dropped their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, November 1st. StockNews.com upgraded Silicon Motion Technology from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, Roth Mkm cut their target price on Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, Silicon Motion Technology presently has an average rating of "Moderate Buy" and an average target price of $81.67.Read Our Latest Stock Report on Silicon Motion TechnologySilicon Motion Technology Trading Up 3.9 %Silicon Motion: The Market's Best Merger Arbitrage OpportunitySilicon Motion Technology stock traded up $2.15 during trading on Wednesday, hitting $56.62. The company had a trading volume of 595,162 shares, compared to its average volume of 340,616. The company's 50 day simple moving average is $54.57 and its 200-day simple moving average is $57.65. Silicon Motion Technology has a 1-year low of $48.81 and a 1-year high of $85.87. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 1.30 and a beta of 0.79. Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. As a group, analysts forecast that Silicon Motion Technology will post 2.58 earnings per share for the current fiscal year. Silicon Motion Technology Announces DividendThe firm also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a yield of 3.53%. Silicon Motion Technology's dividend payout ratio (DPR) is presently 75.38%. Silicon Motion Technology Company Profile (Get Free Report)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.See AlsoFive stocks we like better than Silicon Motion TechnologyStock Ratings and Recommendations: Understanding Analyst Ratings3 Must-Have ETFs Set to Dominate This QuarterWhat Are the U.K. Market Holidays? How to Invest and TradeSeeking Stability? These 3 Stocks Offer Strong PotentialHow to Know if a Stock Pays Dividends and When They Are Paid OutTrade War Bargain Stocks: Top 3 Picks Too Good to Pass UpThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Silicon Motion Technology Right Now?Before you consider Silicon Motion Technology, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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