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

StockNews.com downgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a buy rating to a hold rating in a report released on Tuesday.

Several other equities research analysts have also commented on the company. Roth Mkm reduced 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. Susquehanna reduced their price target 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. Craig Hallum lowered their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Needham & Company LLC reduced 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 report on Friday, November 1st. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Monday, December 23rd. One equities research 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $51.06 on Tuesday. The stock’s 50-day simple moving average is $54.60 and its two-hundred day simple moving average is $58.51. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 1.29 and a beta of 0.80. Silicon Motion Technology has a 52-week low of $48.81 and a 52-week high of $85.87.

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, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same period in the previous year, the business posted $0.32 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts forecast that Silicon Motion Technology will post 2.58 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Thursday, February 13th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.38%.

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds have recently modified their holdings of SIMO. Choreo LLC purchased a new position in Silicon Motion Technology during the fourth quarter valued at $209,000. Deltec Asset Management LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter valued at approximately $408,000. Calamos Advisors LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $3,707,000. Perigon Wealth Management LLC bought a new stake in shares of Silicon Motion Technology in the 4th quarter worth about $431,000. Finally, Blue Trust Inc. raised its position in shares of Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock valued at $122,000 after buying an additional 883 shares in the last quarter. Hedge funds and other 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.