Silicon Motion Technology (NASDAQ:SIMO) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Silicon Motion Technology (NASDAQ:SIMO) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

A number of other research firms also recently issued reports on SIMO. Needham & Company LLC decreased their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Susquehanna decreased their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research note on Friday, November 1st. Roth Mkm dropped their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Finally, Craig Hallum lowered their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Price Performance

SIMO stock opened at $51.06 on Tuesday. Silicon Motion Technology has a 1 year low of $48.81 and a 1 year high of $85.87. The firm has a 50-day moving average of $54.60 and a 200 day moving average of $58.51. The company has a market cap of $1.72 billion, a P/E ratio of 19.34, a PEG ratio of 1.29 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same quarter in the prior year, the company earned $0.32 EPS. The business’s revenue was up 23.3% compared to the same quarter last year. On average, equities research analysts expect that Silicon Motion Technology will post 2.58 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Thursday, February 13th will be issued a $0.50 dividend. 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 3.92%. Silicon Motion Technology’s payout ratio is currently 75.38%.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently added to or reduced their stakes in SIMO. Advisors Asset Management Inc. lifted its holdings in shares of Silicon Motion Technology by 129.4% during the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after purchasing an additional 251 shares in the last quarter. GAMMA Investing LLC raised its position in Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after buying an additional 484 shares during the last quarter. Blue Trust Inc. lifted its stake in Silicon Motion Technology by 139.5% during the 3rd quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock valued at $83,000 after acquiring an additional 795 shares during the period. Van ECK Associates Corp purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at about $151,000. Finally, Choreo LLC bought a new stake in shares of Silicon Motion Technology in the fourth quarter worth approximately $209,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

About Silicon Motion Technology

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.