Silicon Motion Technology (NASDAQ:SIMO) Shares Down 5% – Time to Sell?

Silicon Motion Technology Corporation (NASDAQ:SIMO) was down 5% during mid-day trading on Wednesday . The company traded as low as $110.01 and last traded at $107.8410. Approximately 136,169 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 979,495 shares. The stock had previously closed at $113.56.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SIMO. Roth Capital reiterated a “buy” rating and issued a $120.00 target price on shares of Silicon Motion Technology in a report on Friday, October 31st. Zacks Research cut Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Wedbush set a $120.00 price objective on Silicon Motion Technology in a research note on Monday, November 3rd. Susquehanna increased their price target on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a report on Monday, November 3rd. Finally, JPMorgan Chase & Co. increased their target price on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $113.13.

Silicon Motion Technology Trading Down 0.4%

The stock has a fifty day simple moving average of $93.33 and a two-hundred day simple moving average of $87.41. The company has a market cap of $3.84 billion, a PE ratio of 38.79, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 annualized dividend and a dividend yield of 1.8%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 68.38%.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada raised its position in shares of Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after purchasing an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Silicon Motion Technology by 155.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock valued at $3,741,000 after purchasing an additional 44,976 shares in the last quarter. Diversified Trust Co acquired a new position in Silicon Motion Technology in the second quarter worth about $649,000. GAMMA Investing LLC increased its holdings in Silicon Motion Technology by 118.3% in the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock valued at $73,000 after buying an additional 529 shares during the last quarter. Finally, Ballentine Partners LLC acquired a new stake in Silicon Motion Technology during the second quarter valued at approximately $301,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

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.