Silicon Motion Technology (NASDAQ:SIMO) Reaches New 12-Month Low on Analyst Downgrade

Silicon Motion Technology Co. (NASDAQ:SIMO)’s share price hit a new 52-week low 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 traded. The stock had previously closed at $56.01.

Several other research firms also recently weighed in on SIMO. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Morgan Stanley lowered their price objective on 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. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Roth Mkm lowered their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $85.44.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC grew its stake in Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after acquiring an additional 825,394 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in shares of Silicon Motion Technology in the first quarter worth about $53,676,000. Farallon Capital Management LLC increased its holdings in shares of Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after purchasing an additional 608,949 shares during the last quarter. Reinhart Partners LLC. lifted its position in shares of Silicon Motion Technology by 43.3% in the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after buying an additional 326,358 shares in the last quarter. Finally, AIGH Capital Management LLC bought a new position in Silicon Motion Technology during the second quarter valued at approximately $22,272,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

The firm has a market cap of $1.81 billion, a PE ratio of 20.38, a PEG ratio of 0.88 and a beta of 0.83. The firm has a fifty day simple moving average of $58.81 and a two-hundred day simple moving average of $69.46.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share 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 analyst estimates of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. Silicon Motion Technology’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period last year, the firm posted $0.33 earnings per share. Equities analysts forecast that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.72%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.76%.

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.