Silicon Motion Technology (NASDAQ:SIMO) Trading Down 4%

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) traded down 4% on Thursday . The stock traded as low as $69.77 and last traded at $70.82. 331,960 shares were traded during mid-day trading, a decline of 19% from the average session volume of 409,254 shares. The stock had previously closed at $73.76.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Craig Hallum lifted their target price on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $59.00 to $88.00 in a research note on Monday, May 6th. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Needham & Company LLC lifted their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Finally, Wedbush restated an “outperform” rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology currently has an average rating of “Buy” and an average price target of $93.13.

Silicon Motion Technology Stock Up 2.0 %

The company has a 50 day moving average of $79.62 and a 200 day moving average of $74.39. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 39.82, a PEG ratio of 0.63 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.07. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. The firm had revenue of $189.31 million for the quarter, compared to analysts’ expectations of $180.23 million. As a group, equities research analysts expect that Silicon Motion Technology Co. will post 2.84 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date of this dividend is Thursday, August 8th. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SIMO. Kodai Capital Management LP bought a new position in Silicon Motion Technology in the 4th quarter worth approximately $44,073,000. Caxton Associates LP bought a new position in Silicon Motion Technology in the 4th quarter worth approximately $3,494,000. Keeley Teton Advisors LLC grew its holdings in Silicon Motion Technology by 132.2% in the 4th quarter. Keeley Teton Advisors LLC now owns 20,875 shares of the semiconductor producer’s stock worth $1,279,000 after buying an additional 11,885 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in Silicon Motion Technology in the 1st quarter worth approximately $53,676,000. Finally, Russell Investments Group Ltd. grew its holdings in Silicon Motion Technology by 3,282.3% in the 4th quarter. Russell Investments Group Ltd. now owns 71,807 shares of the semiconductor producer’s stock worth $4,386,000 after buying an additional 69,684 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.