Silicon Motion Technology (NASDAQ:SIMO) Trading Down 3% - Here's Why

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report)'s stock price was down 3% during trading on Thursday . The stock traded as low as $53.23 and last traded at $53.51. Approximately 28,362 shares changed hands during trading, a decline of 92% from the average daily volume of 369,673 shares. The stock had previously closed at $55.18.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SIMO. Needham & Company LLC reduced their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Roth Mkm cut their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Tuesday, October 8th. StockNews.com upgraded Silicon Motion Technology from a "hold" rating to a "buy" rating in a report on Thursday. Wedbush restated an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Finally, Craig Hallum decreased their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.67.

Silicon Motion Technology Stock Down 3.5 %

The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 1.61 and a beta of 0.82. The company has a 50-day moving average price of $55.48 and a 200-day moving average price of $64.31.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) 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 company had revenue of $212.40 million during the quarter, compared to analysts' expectations of $209.49 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. The company's revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, analysts forecast that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC bought a new position in Silicon Motion Technology during the third quarter valued at about $1,826,000. Harbor Capital Advisors Inc. boosted its position in shares of Silicon Motion Technology by 95.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer's stock valued at $7,793,000 after purchasing an additional 62,733 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Silicon Motion Technology by 6,186.7% in the 2nd quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer's stock worth $3,766,000 after purchasing an additional 46,400 shares during the last quarter. FMR LLC raised its holdings in shares of Silicon Motion Technology by 27.7% in the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock worth $136,032,000 after purchasing an additional 485,862 shares in the last quarter. Finally, Resolute Capital Asset Partners LLC raised its holdings in shares of Silicon Motion Technology by 44.4% in the 2nd quarter. Resolute Capital Asset Partners LLC now owns 65,000 shares of the semiconductor producer's stock worth $5,264,000 after purchasing an additional 20,000 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

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.