BidaskClub lowered shares of Silicon Motion Technology (NASDAQ:SIMO) from a sell rating to a strong sell rating in a research report report published on Wednesday.
Several other equities research analysts also recently commented on the stock. Morgan Stanley raised shares of Silicon Motion Technology from an equal weight rating to an overweight rating and set a $59.00 target price for the company in a research report on Friday, September 21st. Zacks Investment Research raised shares of Silicon Motion Technology from a hold rating to a buy rating and set a $57.00 target price for the company in a research report on Monday, October 8th. KeyCorp began coverage on shares of Silicon Motion Technology in a research report on Tuesday, September 25th. They set a sector weight rating and a $60.00 target price for the company. JPMorgan Chase & Co. set a $63.00 price target on shares of Silicon Motion Technology and gave the stock a buy rating in a report on Wednesday, October 10th. Finally, Roth Capital boosted their price target on shares of Silicon Motion Technology to $65.00 and gave the stock a buy rating in a report on Wednesday, August 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $56.31.
Shares of NASDAQ:SIMO traded up $0.85 during midday trading on Wednesday, hitting $40.72. 459,986 shares of the company’s stock were exchanged, compared to its average volume of 583,545. The company has a market cap of $1.36 billion, a PE ratio of 19.48 and a beta of 0.95. Silicon Motion Technology has a 12 month low of $35.25 and a 12 month high of $61.85.
Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 EPS for the quarter, topping the consensus estimate of $0.88 by $0.07. The company had revenue of $138.60 million during the quarter, compared to the consensus estimate of $137.36 million. Silicon Motion Technology had a net margin of 17.10% and a return on equity of 18.45%. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, equities research analysts predict that Silicon Motion Technology will post 3.12 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Thursday, November 8th. Silicon Motion Technology’s payout ratio is 56.94%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Morse Asset Management Inc boosted its stake in Silicon Motion Technology by 18.5% in the third quarter. Morse Asset Management Inc now owns 23,230 shares of the semiconductor producer’s stock valued at $1,247,000 after acquiring an additional 3,625 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Silicon Motion Technology in the third quarter valued at about $2,685,000. Acadian Asset Management LLC purchased a new position in Silicon Motion Technology in the third quarter valued at about $1,752,000. Russell Investments Group Ltd. boosted its stake in Silicon Motion Technology by 5.9% in the third quarter. Russell Investments Group Ltd. now owns 174,291 shares of the semiconductor producer’s stock valued at $9,360,000 after acquiring an additional 9,705 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Silicon Motion Technology by 4.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,530,366 shares of the semiconductor producer’s stock valued at $135,881,000 after acquiring an additional 105,161 shares during the last quarter. Hedge funds and other institutional investors own 74.95% of the company’s stock.
About Silicon Motion Technology
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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