Silicon Motion Technology (NASDAQ:SIMO) Stock Gets Price Target Cut from B. Riley Financial

by · The Markets Daily

Silicon Motion Technology (NASDAQ:SIMO – Free Report) had its price objective cut by B. Riley Financial from $310.00 to $290.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the semiconductor producer’s stock.

A number of other research firms have also commented on SIMO. China Renaissance assumed coverage on Silicon Motion Technology in a research report on Wednesday, October 28th. They set a “buy” rating and a $300.00 price target on the stock. Craig Hallum reiterated a “buy” rating and issued a $325.00 price objective on shares of Silicon Motion Technology in a research report on Friday, July 31st. Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Weiss Ratings lowered Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. Finally, Needham & Company LLC increased their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus target price of $328.75.

Check Out Our Latest Stock Report on SIMO

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $183.65 on Monday. The firm has a market capitalization of $6.23 billion, a P/E ratio of 18.21, a P/E/G ratio of 0.30 and a beta of 1.78. The stock has a fifty day moving average price of $237.33 and a two-hundred day moving average price of $216.06. Silicon Motion Technology has a 52-week low of $79.76 and a 52-week high of $355.00. The company has a debt-to-equity ratio of 1.00, a current ratio of 5.68 and a quick ratio of 3.65.

Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last posted its earnings results on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share for the quarter, topping the consensus estimate of $3.30 by $1.05. The business had revenue of $560.22 million for the quarter, compared to analyst estimates of $529.10 million. Silicon Motion Technology had a net margin of 19.36% and a return on equity of 32.29%. The firm’s quarterly revenue was up 131.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.00 EPS. As a group, analysts anticipate that Silicon Motion Technology will post 10.20 EPS for the current fiscal year.

Silicon Motion Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be paid a dividend of $0.5750 per share. This represents a $2.30 annualized dividend and a dividend yield of 1.3%. This is an increase from Silicon Motion Technology’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Thursday, November 5th. Silicon Motion Technology’s payout ratio is currently 24.68%.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Cooper Investors PTY Ltd. bought a new position in Silicon Motion Technology in the 2nd quarter valued at $34,000. Reyes Financial Architecture Inc. bought a new position in Silicon Motion Technology in the third quarter valued at about $58,000. Strategic Investment Solutions Inc. IL bought a new position in Silicon Motion Technology in the second quarter valued at about $88,000. Hantz Financial Services Inc. increased its position in Silicon Motion Technology by 1,766.7% in the third quarter. Hantz Financial Services Inc. now owns 392 shares of the semiconductor producer’s stock worth $110,000 after purchasing an additional 371 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Silicon Motion Technology by 78.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock worth $130,000 after purchasing an additional 511 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

(Get Free Report)

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory. The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.

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