Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 3% – Should You Sell?

Silicon Motion Technology Co. (NASDAQ:SIMO) shares were down 3% during mid-day trading on Thursday . The company traded as low as $53.23 and last traded at $53.51. Approximately 28,362 shares traded hands during mid-day 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

A number of research firms recently weighed in on SIMO. Susquehanna decreased their target price on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday. Morgan Stanley cut their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Craig Hallum reduced their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Performance

The stock’s fifty day simple moving average is $55.48 and its 200-day simple moving average is $64.31. The stock has a market cap of $1.76 billion, a P/E ratio of 19.81, a P/E/G ratio of 1.61 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating 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 business had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the previous year, the company posted $0.32 earnings per share. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, equities research 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 announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.82%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.76%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Lord Abbett & CO. LLC increased its holdings in Silicon Motion Technology by 21.7% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after buying an additional 196,609 shares during the period. 272 Capital LP boosted its position in shares of Silicon Motion Technology by 55.3% during the 3rd quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock worth $6,158,000 after acquiring an additional 36,092 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter worth approximately $13,211,000. Geode Capital Management LLC increased its stake in Silicon Motion Technology by 0.7% in the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock valued at $2,183,000 after acquiring an additional 253 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Silicon Motion Technology during the third quarter valued at approximately $5,904,000. 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.