Craig Hallum Issues Pessimistic Forecast for Silicon Motion Technology (NASDAQ:SIMO) Stock Price

Silicon Motion Technology (NASDAQ:SIMO) had its price objective reduced by Craig Hallum from $96.00 to $90.00 in a research report released on Thursday morning, Marketbeat Ratings reports. Craig Hallum currently has a buy rating on the semiconductor producer’s stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley cut their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. B. Riley cut their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Bank of America cut 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 research report on Friday, August 16th. Finally, Needham & Company LLC increased their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Down 1.9 %

Silicon Motion Technology stock opened at $52.78 on Thursday. The business’s 50-day moving average price is $58.37 and its 200 day moving average price is $69.17. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 0.85 and a beta of 0.84. Silicon Motion Technology has a 52 week low of $52.15 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS 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 business had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter last year, the company earned $0.33 EPS. The business’s revenue was up 50.1% on a year-over-year basis. Equities analysts expect that Silicon Motion Technology will post 2.86 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders 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 yield of 3.79%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.38%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of hedge funds have recently modified their holdings of SIMO. Blue Trust Inc. grew its stake in Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 556 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $139,000. LRI Investments LLC acquired a new stake in shares of Silicon Motion Technology in the first quarter valued at approximately $150,000. Van ECK Associates Corp purchased a new position in Silicon Motion Technology during the third quarter worth approximately $151,000. Finally, PNC Financial Services Group Inc. boosted its stake in Silicon Motion Technology by 48.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock worth $155,000 after buying an additional 821 shares during the last quarter. 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.