Silicon Motion Technology (NASDAQ:SIMO) Price Target Cut to $90.00 by Analysts at Craig Hallum

Silicon Motion Technology (NASDAQ:SIMO) had its target price cut by Craig Hallum from $96.00 to $90.00 in a research report released on Thursday, Marketbeat.com reports. They currently have a buy rating on the semiconductor producer’s stock.

A number of other equities research analysts have also recently weighed in on SIMO. B. Riley dropped 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. Roth Mkm lowered their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Morgan Stanley lowered 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. Needham & Company LLC upped their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $52.78 on Thursday. Silicon Motion Technology has a 1-year low of $52.15 and a 1-year high of $85.87. The firm has a market cap of $1.78 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 0.85 and a beta of 0.84. The company has a 50-day moving average of $58.37 and a two-hundred day moving average of $69.14.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.72%. The firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter last year, the company posted $0.32 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Sell-side analysts anticipate that Silicon Motion Technology will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

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

Institutional Investors Weigh In On Silicon Motion Technology

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

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.