Silicon Motion Technology (NASDAQ:SIMO) Cut to Hold at StockNews.com

StockNews.com cut shares of Silicon Motion Technology (NASDAQ:SIMO) from a buy rating to a hold rating in a report published on Tuesday.

Several other equities research analysts also recently weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Susquehanna decreased their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. Craig Hallum dropped their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Needham & Company LLC decreased their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Roth Mkm dropped their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Up 4.5 %

Shares of SIMO stock opened at $53.57 on Tuesday. Silicon Motion Technology has a fifty-two week low of $48.81 and a fifty-two week high of $85.87. The firm’s 50 day moving average price is $54.56 and its two-hundred day moving average price is $58.45. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 1.29 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results 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 11.52%. The firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the prior year, the company earned $0.32 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. On average, equities analysts forecast that Silicon Motion Technology will post 2.58 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th will be paid a $0.50 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.73%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.38%.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its holdings in Silicon Motion Technology by 9.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 55,312 shares of the semiconductor producer’s stock worth $4,480,000 after buying an additional 4,963 shares during the last quarter. Hsbc Holdings PLC lifted its stake in Silicon Motion Technology by 25.7% during the second quarter. Hsbc Holdings PLC now owns 5,804 shares of the semiconductor producer’s stock worth $468,000 after purchasing an additional 1,187 shares during the last quarter. Sei Investments Co. boosted its holdings in 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 period. The Manufacturers Life Insurance Company increased its stake in 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 during the last quarter. Finally, Truist Financial Corp acquired a new stake in shares of Silicon Motion Technology during the second quarter worth $236,000. 78.02% of the stock is currently 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.