Silicon Motion Technology (SIMO) PT Lowered to $45.00 at Roth Capital

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Silicon Motion Technology (NASDAQ:SIMO) had its price target cut by Roth Capital from $50.00 to $45.00 in a research note released on Wednesday morning, The Fly reports. The firm currently has a buy rating on the semiconductor producer’s stock.

A number of other analysts have also weighed in on the stock. BidaskClub lowered shares of Silicon Motion Technology from a sell rating to a strong sell rating in a research note on Wednesday. ValuEngine lowered shares of Silicon Motion Technology from a hold rating to a sell rating in a research note on Friday, January 4th. Zacks Investment Research upgraded shares of Silicon Motion Technology from a sell rating to a hold rating in a research note on Wednesday, January 2nd. Morgan Stanley lowered shares of Silicon Motion Technology from an overweight rating to an equal weight rating and set a $34.43 target price on the stock. in a research note on Friday, December 14th. Finally, Needham & Company LLC restated a buy rating and set a $58.00 target price on shares of Silicon Motion Technology in a research note on Friday, November 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $53.37.

SIMO stock opened at $35.20 on Wednesday. Silicon Motion Technology has a fifty-two week low of $31.73 and a fifty-two week high of $61.85. The company has a market cap of $1.27 billion, a P/E ratio of 16.84 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.07. Silicon Motion Technology had a net margin of 17.10% and a return on equity of 17.92%. The firm had revenue of $138.60 million for the quarter, compared to analyst estimates of $137.36 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, analysts predict that Silicon Motion Technology will post 2.89 EPS for the current fiscal year.

The firm also recently declared a special dividend, which will be paid on Wednesday, February 27th. Investors of record on Friday, February 15th will be issued a $0.30 dividend. This represents a yield of 3.41%. This is an increase from Silicon Motion Technology’s previous special dividend of $0.15. The ex-dividend date of this dividend is Thursday, February 14th. Silicon Motion Technology’s dividend payout ratio is 56.94%.

Silicon Motion Technology announced that its board has authorized a stock buyback plan on Wednesday, November 21st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor producer to purchase up to 15.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Several hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC boosted its holdings in shares of Silicon Motion Technology by 2.2% in the third quarter. Hsbc Holdings PLC now owns 72,859 shares of the semiconductor producer’s stock valued at $3,912,000 after acquiring an additional 1,545 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Silicon Motion Technology during the third quarter worth $118,000. SG Americas Securities LLC acquired a new stake in shares of Silicon Motion Technology during the third quarter worth $121,000. Mackenzie Financial Corp lifted its holdings in shares of Silicon Motion Technology by 50.0% during the third quarter. Mackenzie Financial Corp now owns 6,912 shares of the semiconductor producer’s stock worth $371,000 after purchasing an additional 2,303 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Silicon Motion Technology by 2.4% during the third quarter. Morgan Stanley now owns 113,932 shares of the semiconductor producer’s stock worth $6,119,000 after purchasing an additional 2,683 shares during the period. 73.35% of the stock is owned by institutional investors and hedge funds.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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