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

Silicon Motion Technology Co. (NASDAQ:SIMO)’s stock price dropped 3% during mid-day trading on Thursday . The stock traded as low as $53.23 and last traded at $53.51. Approximately 28,362 shares changed 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 Analysts Forecast Growth

A number of research firms recently commented on SIMO. Susquehanna decreased their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Roth Mkm cut their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Morgan Stanley lowered their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. One 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 a consensus target price of $81.67.

Silicon Motion Technology Stock Performance

The company has a market capitalization of $1.82 billion, a PE ratio of 20.42, a P/E/G ratio of 1.61 and a beta of 0.82. The business has a fifty day moving average price of $55.22 and a 200 day moving average price of $64.06.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The business had revenue of $212.40 million for 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 business’s revenue for the quarter was up 23.3% compared to the same quarter last year. Research analysts forecast that Silicon Motion Technology Co. will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.71%. Silicon Motion Technology’s payout ratio is 75.76%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently bought and sold shares of the business. Blue Trust Inc. grew its position in Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares in the last quarter. LRI Investments LLC raised its stake in shares of Silicon Motion Technology by 100.1% during the 2nd quarter. LRI Investments LLC now owns 3,987 shares of the semiconductor producer’s stock worth $323,000 after purchasing an additional 1,994 shares in the last quarter. F M Investments LLC bought a new position in shares of Silicon Motion Technology during the 2nd quarter valued at $12,718,000. Principal Financial Group Inc. raised its stake in shares of Silicon Motion Technology by 139.3% in the 2nd quarter. Principal Financial Group Inc. now owns 17,020 shares of the semiconductor producer’s stock valued at $1,378,000 after acquiring an additional 9,909 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in Silicon Motion Technology by 29.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 11,788 shares of the semiconductor producer’s stock worth $955,000 after buying an additional 2,714 shares during the period. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

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.