Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Down – What’s Next?

Silicon Motion Technology Co. (NASDAQ:SIMO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $56.30, but opened at $54.63. Silicon Motion Technology shares last traded at $55.66, with a volume of 38,675 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Roth Mkm decreased 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. Morgan Stanley cut their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Needham & Company LLC decreased their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Susquehanna cut their price objective on 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. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Trading Down 1.7 %

The company has a 50 day moving average price of $54.88 and a 200 day moving average price of $61.46. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 1.61 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company’s revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.32 EPS. Equities analysts predict that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.76%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in Silicon Motion Technology by 123.2% during the fourth 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. JPMorgan Chase & Co. raised its position in shares of Silicon Motion Technology by 21.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer’s stock valued at $12,149,000 after acquiring an additional 35,741 shares during the period. Lord Abbett & CO. LLC raised its position in shares of Silicon Motion Technology by 21.7% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after acquiring an additional 196,609 shares during the period. 272 Capital LP boosted its stake in Silicon Motion Technology by 55.3% during the 3rd quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock worth $6,158,000 after acquiring an additional 36,092 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in Silicon Motion Technology during the third quarter valued at approximately $13,211,000. Institutional investors own 78.02% of the company’s stock.

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.