Silicon Motion Technology (NASDAQ:SIMO) Shares Down 5%

Silicon Motion Technology Co. (NASDAQ:SIMO)’s stock price dropped 5% during mid-day trading on Tuesday . The company traded as low as $79.45 and last traded at $79.54. Approximately 289,811 shares traded hands during trading, a decline of 30% from the average daily volume of 415,989 shares. The stock had previously closed at $83.76.

Wall Street Analyst Weigh In

SIMO has been the topic of a number of recent research reports. Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $59.00 to $88.00 in a research note on Monday, May 6th. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a report on Friday, May 3rd. Susquehanna upped their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research note on Monday, May 6th. B. Riley lifted their price objective on shares of Silicon Motion Technology from $109.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Craig Hallum increased their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $93.13.

Silicon Motion Technology Stock Down 0.6 %

The firm has a 50 day simple moving average of $79.88 and a two-hundred day simple moving average of $73.31. The stock has a market capitalization of $2.70 billion, a P/E ratio of 45.50, a PEG ratio of 0.78 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. The business had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. On average, research analysts predict that Silicon Motion Technology Co. will post 2.81 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio is 113.07%.

Institutional Trading of Silicon Motion Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted 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 acquiring an additional 825,394 shares during the last quarter. Wellington Management Group LLP raised its position in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after purchasing an additional 758,640 shares during the last quarter. Kodai Capital Management LP acquired a new stake in shares of Silicon Motion Technology during the fourth quarter valued at about $44,073,000. Lord Abbett & CO. LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth about $53,676,000. Finally, Farallon Capital Management LLC increased its stake in shares of Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after buying an additional 608,949 shares during the period. Institutional investors and hedge funds 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.