Silicon Motion Technology (NASDAQ:SIMO) Given New $65.00 Price Target at Morgan Stanley

Silicon Motion Technology (NASDAQ:SIMO) had its price objective decreased by Morgan Stanley from $78.00 to $65.00 in a research report sent to investors on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the semiconductor producer’s stock.

A number of other analysts also recently issued reports on SIMO. B. Riley dropped their price target on Silicon Motion Technology from $112.00 to $95.00 and set a buy rating for the company in a research report on Monday, August 5th. Bank of America downgraded Silicon Motion Technology from a buy rating to an underperform rating and dropped their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Needham & Company LLC boosted their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a buy rating in a research report on Monday, July 8th. Finally, StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research report on Saturday. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology presently has an average rating of Moderate Buy and a consensus price target of $85.00.

Silicon Motion Technology Stock Down 6.3 %

Shares of NASDAQ SIMO opened at $55.91 on Monday. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $85.87. The business has a 50-day simple moving average of $65.99 and a two-hundred day simple moving average of $73.45. The company has a market cap of $1.88 billion, a P/E ratio of 31.77, a P/E/G ratio of 0.92 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the company posted $0.33 EPS. Equities research analysts anticipate that Silicon Motion Technology will post 2.86 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.50 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a yield of 3.58%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

Large investors have recently bought and sold shares of the stock. Kodai Capital Management LP purchased a new position in Silicon Motion Technology in the 4th quarter worth approximately $44,073,000. Caxton Associates LP purchased a new position in Silicon Motion Technology in the 4th quarter worth approximately $3,494,000. Keeley Teton Advisors LLC increased its stake 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 purchasing an additional 11,885 shares during the period. Lord Abbett & CO. LLC purchased a new position in Silicon Motion Technology in the 1st quarter worth approximately $53,676,000. Finally, M&G Plc purchased a new position in Silicon Motion Technology in the 1st quarter worth approximately $6,304,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.