Silicon Motion Technology (NASDAQ:SIMO) Given New $65.00 Price Target at Morgan Stanley

Silicon Motion Technology (NASDAQ:SIMO) had its target price cut by Morgan Stanley from $78.00 to $65.00 in a research report report published on Monday morning, Benzinga reports. They currently have an overweight rating on the semiconductor producer’s stock.

Several other equities research analysts have also weighed in on the company. Needham & Company LLC lifted their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the company a buy rating in a research report on Monday, July 8th. StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research report on Saturday. Bank of America lowered Silicon Motion Technology from a buy rating to an underperform rating and dropped their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, B. Riley dropped their price target on Silicon Motion Technology from $112.00 to $95.00 and set a buy rating on the stock in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of Moderate Buy and a consensus target price of $85.00.

Silicon Motion Technology Stock Performance

SIMO opened at $55.91 on Monday. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $85.87. The stock has a market capitalization of $1.88 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 0.92 and a beta of 0.84. The stock’s 50 day moving average price is $65.99 and its 200-day moving average price is $73.45.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The firm had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. During the same period in the previous year, the firm earned $0.33 earnings per share. The business’s revenue was up 50.1% compared to the same quarter last year. Research analysts forecast that Silicon Motion Technology will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently added to or reduced their stakes in the stock. Aristides Capital LLC bought a new position in shares of Silicon Motion Technology during the second quarter valued at $1,377,000. Truist Financial Corp bought a new position in shares of Silicon Motion Technology during the second quarter valued at $236,000. Chase Investment Counsel Corp lifted its holdings in shares of Silicon Motion Technology by 3.2% during the second quarter. Chase Investment Counsel Corp now owns 30,900 shares of the semiconductor producer’s stock valued at $2,502,000 after purchasing an additional 955 shares in the last quarter. Systematic Financial Management LP lifted its holdings in shares of Silicon Motion Technology by 27.3% during the second quarter. Systematic Financial Management LP now owns 386,232 shares of the semiconductor producer’s stock valued at $31,281,000 after purchasing an additional 82,896 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Silicon Motion Technology by 59.4% during the second quarter. The Manufacturers Life Insurance Company now owns 418,349 shares of the semiconductor producer’s stock valued at $33,882,000 after purchasing an additional 155,942 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Company Profile

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.