Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Down – Here’s What Happened

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) gapped down before the market opened on Tuesday . The stock had previously closed at $56.30, but opened at $54.63. Silicon Motion Technology shares last traded at $55.66, with a volume of 38,675 shares.

Wall Street Analyst Weigh In

SIMO has been the subject of several research analyst reports. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Monday, December 23rd. Morgan Stanley reduced their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Susquehanna cut their target price on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC cut their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Price Performance

The firm’s fifty day moving average price is $54.88 and its 200-day moving average price is $61.46. The firm has a market capitalization of $1.86 billion, a P/E ratio of 20.90, a PEG ratio of 1.61 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the previous year, the firm posted $0.32 EPS. The company’s quarterly revenue was up 23.3% on a year-over-year basis. Analysts expect that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.63%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.76%.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently made changes to their positions in SIMO. GAMMA Investing LLC grew its position in Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after acquiring an additional 484 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Silicon Motion Technology by 21.8% during the third quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer’s stock valued at $12,149,000 after acquiring an additional 35,741 shares during the period. Lord Abbett & CO. LLC raised its stake in shares of Silicon Motion Technology by 21.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after purchasing an additional 196,609 shares in the last quarter. 272 Capital LP raised its stake in shares of Silicon Motion Technology by 55.3% in the 3rd quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock valued at $6,158,000 after buying an additional 36,092 shares in the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in Silicon Motion Technology in the third quarter worth about $13,211,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.