Silicon Motion Technology (NASDAQ:SIMO) Stock Gets Price Target Reduction from B. Riley Financial

Silicon Motion Technology (NASDAQ:SIMO) had its price target cut by B. Riley Financial from $350.00 to $288.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the semiconductor producer’s stock.

Other equities analysts have also recently issued research reports about the stock. Roth Capital reiterated a “buy” rating and issued a $350.00 target price on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Susquehanna upped their price target on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Needham & Company LLC raised their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Zacks Research cut Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings downgraded Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 16th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $332.57.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $187.39 on Friday. The firm has a market cap of $6.35 billion, a P/E ratio of 21.97, a P/E/G ratio of 0.33 and a beta of 1.69. The stock has a 50 day simple moving average of $253.31 and a two-hundred day simple moving average of $252.21. Silicon Motion Technology has a 1 year low of $79.76 and a 1 year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million for the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business’s quarterly revenue was up 127.0% on a year-over-year basis. During the same period last year, the business earned $0.69 earnings per share. On average, equities analysts anticipate that Silicon Motion Technology will post 10.60 earnings per share for the current year.

Silicon Motion Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be paid a dividend of $0.5750 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from Silicon Motion Technology’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Thursday, November 5th. Silicon Motion Technology’s payout ratio is currently 23.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Kornitzer Capital Management Inc. KS bought a new stake in Silicon Motion Technology during the 1st quarter valued at $4,827,000. Schwartz Investment Counsel Inc. grew its holdings in Silicon Motion Technology by 36.4% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock worth $33,687,000 after acquiring an additional 80,000 shares during the last quarter. AIGH Capital Management LLC bought a new stake in Silicon Motion Technology in the 1st quarter worth $22,458,000. Calamos Advisors LLC bought a new stake in Silicon Motion Technology in the 1st quarter worth $2,686,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Silicon Motion Technology in the 1st quarter worth $496,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.