Silicon Motion Technology (NASDAQ:SIMO) Sets New 12-Month Low Following Analyst Downgrade

Silicon Motion Technology Co. (NASDAQ:SIMO)’s stock price hit a new 52-week low on Thursday after Susquehanna lowered their price target on the stock from $110.00 to $95.00. Susquehanna currently has a positive 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 analysts have also weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Craig Hallum cut their price target on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday. B. Riley reduced their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. Finally, Roth Mkm reduced their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently bought and sold shares of the business. Easterly Investment Partners LLC lifted its position in shares of Silicon Motion Technology by 3.0% during the 3rd quarter. Easterly Investment Partners LLC now owns 225,792 shares of the semiconductor producer’s stock valued at $13,715,000 after buying an additional 6,528 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Silicon Motion Technology by 28.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 376,324 shares of the semiconductor producer’s stock valued at $22,858,000 after purchasing an additional 83,992 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Silicon Motion Technology in the third quarter valued at about $151,000. Harbor Capital Advisors Inc. increased its stake in shares of Silicon Motion Technology by 95.7% during the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock worth $7,793,000 after purchasing an additional 62,733 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Silicon Motion Technology by 46.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,925 shares of the semiconductor producer’s stock worth $238,000 after purchasing an additional 1,244 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

The stock has a market capitalization of $1.78 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 0.88 and a beta of 0.83. The stock’s 50 day moving average is $58.37 and its two-hundred day moving average is $69.20.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data 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. Silicon Motion Technology had a return on equity of 11.72% and a net margin of 10.90%. The company had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. During the same quarter last year, the firm posted $0.33 EPS. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. Equities research analysts expect that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

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.