Craig Hallum Cuts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $90.00

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

Several other equities analysts have also issued reports on SIMO. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price objective for the company from $90.00 to $60.00 in a report on Friday, August 16th. B. Riley reduced their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Morgan Stanley dropped their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Finally, Roth Mkm decreased 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 research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Down 1.9 %

Shares of NASDAQ SIMO opened at $52.78 on Thursday. Silicon Motion Technology has a twelve month low of $52.15 and a twelve month 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 business has a fifty day simple moving average of $58.37 and a two-hundred day simple moving average of $69.17.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.72%. The company had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. During the same period in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue for the quarter was up 50.1% compared to the same quarter last year. On average, research analysts expect that Silicon Motion Technology will post 2.86 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC raised its stake in Silicon Motion Technology by 0.6% in the 3rd quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock worth $2,060,000 after acquiring an additional 197 shares during the last quarter. Inspire Advisors LLC increased its holdings in shares of Silicon Motion Technology by 1.9% in the second quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after purchasing an additional 249 shares during the period. Sei Investments Co. raised its stake in shares of Silicon Motion Technology by 0.5% in the second quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock worth $4,559,000 after purchasing an additional 257 shares during the last quarter. Naples Global Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 3.1% during the second quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock worth $1,410,000 after purchasing an additional 525 shares during the period. Finally, Blue Trust Inc. boosted its position in Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.