Silicon Motion Technology Corporation (NASDAQ:SIMO) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday, July 25th.
Several other equities research analysts also recently issued reports on the company. Summit Redstone reissued a “hold” rating on shares of Silicon Motion Technology Corporation in a research note on Saturday, July 22nd. B. Riley reissued a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research note on Saturday, July 15th. Loop Capital cut their price objective on Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, July 10th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Friday, July 7th. Finally, Zacks Investment Research downgraded Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $56.84.
Silicon Motion Technology Corporation (NASDAQ SIMO) traded up 0.31% on Tuesday, hitting $42.50. 408,590 shares of the company traded hands. Silicon Motion Technology Corporation has a 12 month low of $37.37 and a 12 month high of $56.25. The firm has a market capitalization of $1.52 billion, a P/E ratio of 14.37 and a beta of 0.68. The stock’s 50-day moving average is $44.59 and its 200 day moving average is $45.77.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by $0.04. The business had revenue of $132.70 million during the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The firm’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 earnings per share. Equities analysts forecast that Silicon Motion Technology Corporation will post $2.67 EPS for the current fiscal year.
Silicon Motion Technology Corporation announced that its board has initiated a stock repurchase program on Monday, July 31st that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to buy up to 13.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
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A number of hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Silicon Motion Technology Corporation by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after buying an additional 915 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in Silicon Motion Technology Corporation by 5.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,417 shares of the semiconductor producer’s stock valued at $103,000 after buying an additional 119 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Silicon Motion Technology Corporation during the second quarter valued at about $135,000. Hikari Power Ltd acquired a new stake in Silicon Motion Technology Corporation during the second quarter valued at about $204,000. Finally, Summit Securities Group LLC acquired a new stake in Silicon Motion Technology Corporation during the second quarter valued at about $204,000. Institutional investors and hedge funds own 80.90% of the company’s stock.
About Silicon Motion Technology Corporation
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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