Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month Low Following Analyst Downgrade

Silicon Motion Technology Co. (NASDAQ:SIMO) shares hit a new 52-week low during mid-day trading on Thursday after Craig Hallum lowered their price target on the stock from $96.00 to $90.00. Craig Hallum currently has a buy rating on the stock. Silicon Motion Technology traded as low as $52.65 and last traded at $52.65, with a volume of 286762 shares changing hands. The stock had previously closed at $56.01.

A number of other brokerages have also weighed in on SIMO. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Roth Mkm decreased their price target on 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. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $90.00 to $60.00 in a research note on Friday, August 16th. Morgan Stanley decreased their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Needham & Company LLC upped their price target 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. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $85.44.

Institutional Trading of Silicon Motion Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC acquired a new stake in Silicon Motion Technology in the first quarter valued at approximately $53,676,000. M&G Plc acquired a new stake in Silicon Motion Technology during the 1st quarter valued at $6,304,000. Morse Asset Management Inc purchased a new stake in Silicon Motion Technology during the 1st quarter worth $700,000. Janney Montgomery Scott LLC lifted its holdings in Silicon Motion Technology by 14.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock worth $6,437,000 after buying an additional 10,513 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Silicon Motion Technology in the 1st quarter worth $2,216,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 5.6 %

The business’s 50-day simple moving average is $58.81 and its two-hundred day simple moving average is $69.46. The company has a market capitalization of $1.78 billion, a PE ratio of 22.94, a PEG ratio of 0.88 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating 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 firm had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. During the same quarter in the prior year, the business posted $0.33 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 50.1% on a year-over-year basis. On average, analysts forecast that Silicon Motion Technology Co. will post 2.86 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th 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 3.78%. The ex-dividend date is Thursday, November 14th. Silicon Motion Technology’s payout ratio is currently 85.04%.

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.