Silicon Motion Technology (SIMO) Price Target Cut to $57.00 by Analysts at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its target price decreased by B. Riley from $68.75 to $57.00 in a research note issued to investors on Thursday morning, The Fly reports. B. Riley currently has a buy rating on the semiconductor producer’s stock.

SIMO has been the topic of several other reports. BidaskClub lowered shares of Silicon Motion Technology from a sell rating to a strong sell rating in a report on Wednesday, October 31st. KeyCorp began coverage on shares of Silicon Motion Technology in a report on Tuesday, September 25th. They set a sector weight rating and a $60.00 price target on the stock. Lake Street Capital set a $46.00 price target on shares of Silicon Motion Technology and gave the company a buy rating in a report on Thursday. Zacks Investment Research raised shares of Silicon Motion Technology from a hold rating to a buy rating and set a $57.00 price target on the stock in a report on Monday, October 8th. Finally, ValuEngine lowered shares of Silicon Motion Technology from a hold rating to a sell rating in a report on Saturday, October 27th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $56.31.

Shares of Silicon Motion Technology stock opened at $40.82 on Thursday. The company has a market cap of $1.47 billion, a P/E ratio of 19.53 and a beta of 0.95. Silicon Motion Technology has a 1 year low of $35.25 and a 1 year high of $61.85.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.07. The company had revenue of $138.60 million for the quarter, compared to analyst estimates of $137.36 million. Silicon Motion Technology had a net margin of 17.10% and a return on equity of 17.92%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. On average, research analysts anticipate that Silicon Motion Technology will post 3.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.94%. 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 bought and sold shares of SIMO. Segall Bryant & Hamill LLC bought a new stake in Silicon Motion Technology during the 2nd quarter worth approximately $12,508,000. Investec Asset Management PTY Ltd bought a new stake in Silicon Motion Technology during the 2nd quarter worth approximately $9,341,000. SG Capital Management LLC bought a new stake in Silicon Motion Technology during the 2nd quarter worth approximately $8,181,000. Zweig DiMenna Associates LLC bought a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $5,773,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in Silicon Motion Technology by 4.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,530,366 shares of the semiconductor producer’s stock worth $135,881,000 after acquiring an additional 105,161 shares during the last quarter. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

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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