Susquehanna Lowers Silicon Motion Technology (NASDAQ:SIMO) Price Target to $95.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective decreased by Susquehanna from $110.00 to $95.00 in a research note released on Friday, Benzinga reports. Susquehanna currently has a positive rating on the semiconductor producer’s stock.

Several other equities analysts have also weighed in on the company. Needham & Company LLC cut their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday. Roth Mkm dropped their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. 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. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Finally, StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Trading Down 1.9 %

Silicon Motion Technology stock traded down $1.03 during mid-day trading on Friday, hitting $52.78. The stock had a trading volume of 242,587 shares, compared to its average volume of 228,128. Silicon Motion Technology has a 12 month low of $52.15 and a 12 month high of $85.87. The stock has a 50-day simple moving average of $58.37 and a two-hundred day simple moving average of $69.20. The stock has a market capitalization of $1.78 billion, a PE ratio of 19.99, a P/E/G ratio of 0.85 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The company’s quarterly revenue was up 50.1% on a year-over-year basis. Sell-side analysts expect that Silicon Motion Technology will post 2.86 earnings per share 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 dividend of $0.50 per share. The ex-dividend date is Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.79%. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds have recently made changes to their positions in SIMO. Acadian Asset Management LLC grew its stake in shares of Silicon Motion Technology by 161.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after acquiring an additional 825,394 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Silicon Motion Technology during the 1st quarter worth approximately $53,676,000. Farallon Capital Management LLC boosted its holdings in shares of Silicon Motion Technology by 247.0% in the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after buying an additional 608,949 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in shares of Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after buying an additional 326,358 shares during the last quarter. Finally, AIGH Capital Management LLC acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $22,272,000. 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.