ValuEngine downgraded shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) from a buy rating to a hold rating in a research note released on Wednesday morning.
Several other equities research analysts have also recently weighed in on SIMO. Summit Redstone reiterated a hold rating on shares of Silicon Motion Technology Corporation in a research report on Saturday, July 22nd. BidaskClub cut Silicon Motion Technology Corporation from a sell rating to a strong sell rating in a research report on Tuesday, July 25th. Roth Capital decreased their price target on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a buy rating on the stock in a research report on Tuesday, August 1st. B. Riley reiterated a buy rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a research report on Wednesday, August 2nd. Finally, Lake Street Capital reiterated a buy rating and set a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $57.67.
Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) traded up $0.39 on Wednesday, hitting $47.84. The stock had a trading volume of 377,599 shares, compared to its average volume of 552,172. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $55.68. The company has a market capitalization of $1,690.09, a PE ratio of 18.19 and a beta of 0.64.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. Silicon Motion Technology Corporation had a return on equity of 19.58% and a net margin of 17.18%. The firm had revenue of $127.20 million for the quarter, compared to analysts’ expectations of $127.24 million. During the same period in the prior year, the business posted $1.07 earnings per share. The company’s revenue was down 19.8% on a year-over-year basis. sell-side analysts expect that Silicon Motion Technology Corporation will post 2.46 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, November 9th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $1.20 annualized dividend and a yield of 2.51%. This is a positive change from Silicon Motion Technology Corporation’s previous quarterly dividend of $0.20. Silicon Motion Technology Corporation’s dividend payout ratio is currently 35.04%.
Silicon Motion Technology Corporation announced that its Board of Directors has initiated a stock buyback program on Monday, July 31st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor producer to buy up to 13.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
A number of institutional investors and hedge funds have recently modified their holdings of SIMO. Daiwa Securities Group Inc. purchased a new stake in Silicon Motion Technology Corporation in the third quarter worth approximately $101,000. Advisors Preferred LLC boosted its stake in Silicon Motion Technology Corporation by 451.0% in the third quarter. Advisors Preferred LLC now owns 2,667 shares of the semiconductor producer’s stock worth $128,000 after buying an additional 2,183 shares in the last quarter. Seven Eight Capital LP purchased a new stake in Silicon Motion Technology Corporation in the second quarter worth approximately $135,000. Summit Securities Group LLC purchased a new stake in Silicon Motion Technology Corporation in the second quarter worth approximately $204,000. Finally, Hikari Power Ltd purchased a new stake in Silicon Motion Technology Corporation in the second quarter worth approximately $204,000. 79.52% of the stock is owned by institutional investors and hedge funds.
About Silicon Motion Technology Corporation
Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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