Silicon Motion Technology Corporation (SIMO) Rating Lowered to Hold at ValuEngine
Silicon Motion Technology Corporation (NASDAQ:SIMO) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
SIMO has been the subject of a number of other reports. Northland Securities reiterated a “buy” rating and issued a $60.00 price target on shares of Silicon Motion Technology Corporation in a research note on Sunday, October 29th. BidaskClub downgraded Silicon Motion Technology Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target (up from $54.00) on shares of Silicon Motion Technology Corporation in a research note on Monday, October 9th. B. Riley set a $69.00 price target on Silicon Motion Technology Corporation and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Finally, Roth Capital raised their target price on shares of Silicon Motion Technology Corporation from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. Silicon Motion Technology Corporation presently has a consensus rating of “Buy” and an average target price of $57.67.
Silicon Motion Technology Corporation (SIMO) traded down $0.43 during trading hours on Wednesday, reaching $47.03. The company had a trading volume of 245,400 shares, compared to its average volume of 614,380. The firm has a market capitalization of $1,676.67, a P/E ratio of 18.05 and a beta of 0.64. Silicon Motion Technology Corporation has a fifty-two week low of $37.37 and a fifty-two week high of $55.68.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.01. The business had revenue of $127.20 million during the quarter, compared to the consensus estimate of $127.24 million. Silicon Motion Technology Corporation had a return on equity of 19.58% and a net margin of 17.18%. The company’s revenue for the quarter was down 19.8% compared to the same quarter last year. During the same period last year, the firm earned $1.07 earnings per share. analysts predict that Silicon Motion Technology Corporation will post 2.46 earnings per share for the current year.
Silicon Motion Technology Corporation announced that its Board of Directors has approved a stock buyback program on Monday, July 31st that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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Large investors have recently made changes to their positions in the stock. Daiwa Securities Group Inc. bought a new stake in Silicon Motion Technology Corporation during the third quarter worth approximately $101,000. Advisors Preferred LLC raised its holdings in Silicon Motion Technology Corporation by 451.0% during the third quarter. Advisors Preferred LLC now owns 2,667 shares of the semiconductor producer’s stock worth $128,000 after purchasing an additional 2,183 shares in the last quarter. Seven Eight Capital LP bought a new stake in Silicon Motion Technology Corporation during the second quarter worth approximately $135,000. Hikari Power Ltd bought a new stake in Silicon Motion Technology Corporation during the second quarter worth approximately $204,000. Finally, Summit Securities Group LLC bought a new stake in Silicon Motion Technology Corporation during the second quarter worth approximately $204,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.
Silicon Motion Technology Corporation Company Profile
Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.
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