Silicon Motion Technology (NASDAQ:SIMO) Cut to Hold at StockNews.com

StockNews.com lowered shares of Silicon Motion Technology (NASDAQ:SIMO) from a buy rating to a hold rating in a research report released on Wednesday morning.

Several other brokerages have also recently issued reports on SIMO. Roth Mkm decreased their price objective 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. Craig Hallum decreased their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Susquehanna decreased their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. Finally, Needham & Company LLC lowered their target price 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Up 5.4 %

Shares of SIMO opened at $59.32 on Wednesday. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The company has a market cap of $2.00 billion, a P/E ratio of 22.47, a PEG ratio of 1.53 and a beta of 0.82. The firm’s 50 day moving average price is $55.61 and its 200 day moving average price is $64.93.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The business had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. Research analysts forecast that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC increased its position in Silicon Motion Technology by 0.6% in the 3rd quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock valued at $2,060,000 after acquiring an additional 197 shares during the period. Inspire Advisors LLC increased its holdings in shares of Silicon Motion Technology by 1.9% in the second quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after purchasing an additional 249 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Silicon Motion Technology by 129.4% in 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 during the period. Geode Capital Management LLC raised its stake in shares of Silicon Motion Technology by 0.7% during the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock worth $2,183,000 after purchasing an additional 253 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Silicon Motion Technology by 0.5% during the second quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock worth $4,559,000 after purchasing an additional 257 shares during the period. 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.