Silicon Motion Technology (NASDAQ:SIMO) Sets New 12-Month Low – Here’s Why

Silicon Motion Technology Co. (NASDAQ:SIMO)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $51.92 and last traded at $52.01, with a volume of 84159 shares changing hands. The stock had previously closed at $54.12.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SIMO shares. StockNews.com lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, November 4th. B. Riley decreased 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. Craig Hallum cut their price objective on 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. Roth Mkm decreased their target price on 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. Finally, Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Price Performance

The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.39 and a beta of 0.84. The business has a fifty day moving average of $57.14 and a 200 day moving average of $68.18.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same period in the previous year, the company earned $0.32 EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, analysts expect that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.80%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.38%.

Institutional Trading of Silicon Motion Technology

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in Silicon Motion Technology by 27.7% in the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after purchasing an additional 825,394 shares during the last quarter. Reinhart Partners LLC. boosted its stake in Silicon Motion Technology by 43.3% in the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after acquiring an additional 326,358 shares during the last quarter. Farallon Capital Management LLC grew its stake in shares of Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after purchasing an additional 608,949 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Silicon Motion Technology by 15.3% in the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after acquiring an additional 105,084 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

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.