Silicon Motion Technology (NASDAQ:SIMO) Hits New 1-Year Low After Analyst Downgrade

by · The Markets Daily

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

A number of other brokerages have also recently weighed in on SIMO. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. B. Riley dropped their price objective on shares of 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. Morgan Stanley decreased 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. Finally, Roth Mkm dropped their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.44.

View Our Latest Stock Report on Silicon Motion Technology

Institutional Trading of Silicon Motion Technology

Several hedge funds have recently modified their holdings of SIMO. Acadian Asset Management LLC grew its holdings in shares of Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after acquiring an additional 825,394 shares during the period. Reinhart Partners LLC. increased 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 valued at $65,622,000 after buying an additional 326,358 shares in the last quarter. Farallon Capital Management LLC raised its stake in shares of Silicon Motion Technology by 247.0% during the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after buying an additional 608,949 shares during the last quarter. Millennium Management LLC boosted its position in shares of Silicon Motion Technology by 15.3% in the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock worth $64,130,000 after buying an additional 105,084 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Silicon Motion Technology in the 1st quarter valued at about $53,676,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

The stock has a market capitalization of $1.78 billion, a PE ratio of 22.94, a P/E/G ratio of 0.88 and a beta of 0.83. The company’s fifty day simple moving average is $58.81 and its two-hundred day simple moving average is $69.46.

Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last issued its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarterly revenue was up 50.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. Sell-side analysts forecast that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be given a $0.50 dividend. The ex-dividend date is Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.78%. Silicon Motion Technology’s dividend payout ratio is currently 85.04%.

Silicon Motion Technology Company Profile

(Get Free Report)

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.

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