Silicon Motion Technology (NASDAQ:SIMO) Reaches New 1-Year Low – What’s Next?

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SIMO shares. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Morgan Stanley decreased their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Roth Mkm dropped their price target on shares of 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. StockNews.com lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Finally, B. Riley dropped their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

The stock has a market capitalization 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 company has a 50-day moving average of $57.14 and a 200-day moving average of $68.18.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same quarter last year, the business earned $0.32 earnings per share. Silicon Motion Technology’s revenue was up 23.3% compared to the same quarter last year. As a group, analysts expect that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, November 14th. This represents a $2.00 annualized dividend and a yield of 3.80%. Silicon Motion Technology’s dividend payout ratio is currently 75.38%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its holdings in Silicon Motion Technology by 34.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,700 shares of the semiconductor producer’s stock valued at $362,000 after purchasing an additional 1,200 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Silicon Motion Technology by 69.7% during the 1st quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock valued at $646,000 after buying an additional 3,449 shares during the period. Sei Investments Co. lifted its position in Silicon Motion Technology by 207.3% during the 1st quarter. Sei Investments Co. now owns 56,039 shares of the semiconductor producer’s stock worth $4,312,000 after acquiring an additional 37,806 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Silicon Motion Technology by 59.4% in the 1st quarter. Russell Investments Group Ltd. now owns 114,457 shares of the semiconductor producer’s stock worth $8,762,000 after acquiring an additional 42,650 shares during the period. Finally, HBK Sorce Advisory LLC acquired a new stake in Silicon Motion Technology in the first quarter valued at approximately $204,000. Hedge funds and other 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.