Silicon Motion Technology (SIMO) Price Target Cut to $55.00 by Analysts at Craig Hallum

Silicon Motion Technology (NASDAQ:SIMO) had its price objective cut by Craig Hallum from $60.00 to $55.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. They currently have a buy rating on the semiconductor producer’s stock.

SIMO has been the topic of several other research reports. BidaskClub cut shares of Silicon Motion Technology from a sell rating to a strong sell rating in a report on Wednesday. KeyCorp began coverage on shares of Silicon Motion Technology in a report on Tuesday, September 25th. They issued a sector weight rating and a $60.00 price target on the stock. Zacks Investment Research raised shares of Silicon Motion Technology from a hold rating to a buy rating and set a $57.00 price target on the stock in a report on Monday, October 8th. ValuEngine cut shares of Silicon Motion Technology from a hold rating to a sell rating in a report on Saturday, October 27th. Finally, Morgan Stanley raised shares of Silicon Motion Technology from an equal weight rating to an overweight rating and set a $59.00 price target on the stock in a report on Friday, September 21st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $56.31.

SIMO stock traded up $2.60 during midday trading on Wednesday, reaching $40.19. 33,082 shares of the company’s stock traded hands, compared to its average volume of 494,900. Silicon Motion Technology has a 52 week low of $35.25 and a 52 week high of $61.85. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 19.20 and a beta of 0.42.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.07. The firm had revenue of $138.60 million for the quarter, compared to analysts’ expectations of $137.36 million. Silicon Motion Technology had a net margin of 17.10% and a return on equity of 18.45%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. As a group, analysts forecast that Silicon Motion Technology will post 3.12 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Friday, November 9th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.20 annualized dividend and a yield of 2.99%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 56.94%.

A number of large investors have recently made changes to their positions in SIMO. Pitcairn Co. purchased a new position in Silicon Motion Technology in the second quarter worth $201,000. A.R.T. Advisors LLC purchased a new stake in Silicon Motion Technology during the first quarter valued at about $213,000. FNY Investment Advisers LLC purchased a new stake in Silicon Motion Technology during the second quarter valued at about $285,000. Weil Company Inc. purchased a new stake in Silicon Motion Technology during the second quarter valued at about $311,000. Finally, OppenheimerFunds Inc. purchased a new stake in Silicon Motion Technology during the second quarter valued at about $396,000. Institutional investors own 74.95% of the company’s stock.

Silicon Motion Technology Company Profile

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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