Silicon Motion Technology (SIMO) Given New $45.00 Price Target at Roth Capital

Silicon Motion Technology (NASDAQ:SIMO) had its price objective decreased by Roth Capital from $50.00 to $45.00 in a report published on Wednesday morning, The Fly reports. Roth Capital currently has a buy rating on the semiconductor producer’s stock.

SIMO has been the subject of a number of other research reports. ValuEngine upgraded Silicon Motion Technology from a sell rating to a hold rating in a research report on Friday, November 2nd. BidaskClub cut Silicon Motion Technology from a hold rating to a sell rating in a research report on Thursday, October 11th. Needham & Company LLC restated a buy rating and issued a $58.00 price target on shares of Silicon Motion Technology in a research report on Friday, November 23rd. Zacks Investment Research upgraded Silicon Motion Technology from a hold rating to a buy rating and set a $57.00 price target for the company in a research report on Monday, October 8th. Finally, KeyCorp started coverage on Silicon Motion Technology in a research report on Tuesday, September 25th. They issued a sector weight rating and a $60.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Silicon Motion Technology presently has a consensus rating of Hold and an average price target of $53.37.

Shares of 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 firm has a market capitalization of $1.27 billion, a PE ratio of 16.84 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.07. Silicon Motion Technology had a return on equity of 17.92% and a net margin of 17.10%. The business had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $137.36 million. During the same quarter last year, the business posted $0.57 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. As a group, sell-side analysts forecast that Silicon Motion Technology will post 2.89 EPS for the current year.

The business also recently disclosed a special dividend, which will be paid on Wednesday, February 27th. Investors of record on Friday, February 15th will be given a dividend of $0.30 per share. This represents a yield of 3.41%. The ex-dividend date of this dividend is Thursday, February 14th. This is a boost from Silicon Motion Technology’s previous special dividend of $0.15. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 56.94%.

Silicon Motion Technology announced that its board has approved a share repurchase program on Wednesday, November 21st that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the semiconductor producer to buy up to 15.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

A number of institutional investors have recently bought and sold shares of SIMO. JPMorgan Chase & Co. increased its position in Silicon Motion Technology by 25.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,206,624 shares of the semiconductor producer’s stock worth $64,796,000 after purchasing an additional 247,658 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new stake in Silicon Motion Technology in the 3rd quarter worth about $5,773,000. Massachusetts Financial Services Co. MA boosted its stake in Silicon Motion Technology by 4.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,530,366 shares of the semiconductor producer’s stock worth $135,881,000 after buying an additional 105,161 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in Silicon Motion Technology in the 3rd quarter worth about $2,685,000. Finally, Point72 Asset Management L.P. boosted its stake in Silicon Motion Technology by 169.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 69,614 shares of the semiconductor producer’s stock worth $3,682,000 after buying an additional 43,812 shares during the last quarter. Hedge funds and other institutional investors own 73.35% 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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