Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) dropped 3.8% on Tuesday . The company traded as low as $54.48 and last traded at $54.36. Approximately 37,025 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 342,340 shares. The stock had previously closed at $56.50.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on SIMO shares. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Monday, December 23rd. StockNews.com downgraded Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $70.00 price objective on shares of Silicon Motion Technology in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of "Moderate Buy" and an average price target of $80.63.
Check Out Our Latest Report on SIMO
Silicon Motion Technology Trading Down 1.7 %
The stock has a market capitalization of $1.71 billion, a PE ratio of 18.86, a P/E/G ratio of 1.36 and a beta of 0.71. The stock has a 50 day moving average price of $54.33 and a 200-day moving average price of $55.33.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released 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%. Research analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.
Silicon Motion Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.00 annualized dividend and a yield of 3.94%. Silicon Motion Technology's payout ratio is presently 74.35%.
Silicon Motion Technology announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.
Hedge Funds Weigh In On Silicon Motion Technology
A number of institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. grew its holdings in Silicon Motion Technology by 129.4% during the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer's stock valued at $27,000 after purchasing an additional 251 shares during the period. Cerity Partners LLC bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $1,826,000. The Manufacturers Life Insurance Company increased its holdings in Silicon Motion Technology by 36.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer's stock worth $34,671,000 after acquiring an additional 152,467 shares in the last quarter. FMR LLC raised its stake in Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock worth $136,032,000 after acquiring an additional 485,862 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Silicon Motion Technology by 6.0% during the third quarter. BNP Paribas Financial Markets now owns 31,341 shares of the semiconductor producer's stock valued at $1,904,000 after purchasing an additional 1,784 shares in the last quarter. 78.02% of the stock is owned by institutional investors.
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.
Further Reading
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