Silicon Motion Technology Co. (NASDAQ:SIMO – Get Free Report)’s stock price was down 5.1% during trading on Monday after Morgan Stanley lowered their price target on the stock from $78.00 to $65.00. Morgan Stanley currently has an overweight rating on the stock. Silicon Motion Technology traded as low as $56.60 and last traded at $56.60. Approximately 49,004 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 400,031 shares. The stock had previously closed at $59.64.
A number of other analysts have also commented on SIMO. B. Riley decreased their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Needham & Company LLC boosted their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.00.
Hedge Funds Weigh In On Silicon Motion Technology
A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Parallel Advisors LLC lifted its holdings in Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares during the period. Blue Trust Inc. grew its position in Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares during the period. Assetmark Inc. grew its position in Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares during the period. Barometer Capital Management Inc. purchased a new stake in Silicon Motion Technology during the fourth quarter worth about $123,000. Finally, Headlands Technologies LLC purchased a new position in Silicon Motion Technology in the second quarter valued at about $139,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Silicon Motion Technology Trading Down 6.3 %
The stock has a market capitalization of $1.88 billion, a P/E ratio of 31.76, a P/E/G ratio of 0.92 and a beta of 0.84. The stock’s 50-day moving average price is $66.54 and its two-hundred day moving average price is $73.56.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last released its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. During the same period last year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. On average, equities research analysts predict that Silicon Motion Technology Co. will post 2.86 earnings per share for the current year.
Silicon Motion Technology Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.
Silicon Motion Technology Company Profile
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.