Silicon Motion Technology (NASDAQ:SIMO) Hits New 52-Week Low Following Analyst Downgrade

Silicon Motion Technology Co. (NASDAQ:SIMO) shares reached 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. The stock had previously closed at $56.01.

SIMO has been the subject of several other reports. Roth Mkm decreased their price target on shares of 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. Morgan Stanley lowered 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 report on Monday, September 16th. B. Riley cut their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Finally, Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their target price for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $85.44.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Robeco Institutional Asset Management B.V. raised its position in Silicon Motion Technology by 28.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 376,324 shares of the semiconductor producer’s stock worth $22,858,000 after buying an additional 83,992 shares during the last quarter. Van ECK Associates Corp purchased a new position in shares of Silicon Motion Technology during the third quarter valued at approximately $151,000. Harbor Capital Advisors Inc. lifted its position in Silicon Motion Technology by 95.7% during the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock valued at $7,793,000 after purchasing an additional 62,733 shares during the period. Farther Finance Advisors LLC boosted its holdings in Silicon Motion Technology by 46.4% in the third quarter. Farther Finance Advisors LLC now owns 3,925 shares of the semiconductor producer’s stock worth $238,000 after purchasing an additional 1,244 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. grew its position in Silicon Motion Technology by 26.7% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 190,000 shares of the semiconductor producer’s stock worth $11,541,000 after purchasing an additional 40,000 shares during the period. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Trading Down 3.9 %

The business’s 50 day simple moving average is $58.81 and its two-hundred day simple moving average is $69.46. The firm has a market capitalization of $1.81 billion, a PE ratio of 20.38, a price-to-earnings-growth ratio of 0.88 and a beta of 0.83.

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

Silicon Motion Technology Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Thursday, November 14th. Silicon Motion Technology’s payout ratio is currently 75.76%.

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.