Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) shares hit a new 52-week low on Wednesday . The company traded as low as $37.21 and last traded at $40.59, with a volume of 329251 shares changing hands. The stock had previously closed at $38.97.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on SIMO shares. Needham & Company LLC reissued a "buy" rating and issued a $70.00 target price on shares of Silicon Motion Technology in a research report on Friday, February 7th. StockNews.com lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Finally, Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.63.
Check Out Our Latest Report on SIMO
Silicon Motion Technology Trading Up 2.7 %
The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.36 and a beta of 0.81. The company has a fifty day moving average price of $52.12 and a 200-day moving average price of $54.19.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. As a group, research analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.
Silicon Motion Technology announced that its board has approved a stock buyback plan on Wednesday, February 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Silicon Motion Technology by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer's stock worth $2,183,000 after buying an additional 253 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Silicon Motion Technology by 7.2% in the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock valued at $214,000 after acquiring an additional 267 shares in the last quarter. Twinbeech Capital LP lifted its position in shares of Silicon Motion Technology by 4.2% in the fourth quarter. Twinbeech Capital LP now owns 10,773 shares of the semiconductor producer's stock valued at $582,000 after acquiring an additional 438 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Silicon Motion Technology by 61.8% in the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after acquiring an additional 440 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Silicon Motion Technology by 8.7% during the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after purchasing an additional 453 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.
About Silicon Motion Technology
(
Get Free Report)
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.
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