Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 6.6% – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO) was down 6.6% during mid-day trading on Thursday . The stock traded as low as $114.93 and last traded at $113.1410. Approximately 216,985 shares were traded during trading, a decline of 78% from the average daily volume of 968,794 shares. The stock had previously closed at $121.13.

Analyst Ratings Changes

SIMO has been the subject of a number of analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Susquehanna increased their price objective on Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a research report on Monday, November 3rd. Wall Street Zen raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. JPMorgan Chase & Co. boosted their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Finally, Wedbush set a $120.00 price target on shares of Silicon Motion Technology in a report on Monday, November 3rd. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.25.

Silicon Motion Technology Stock Up 1.9%

The company has a market cap of $3.84 billion, a price-to-earnings ratio of 38.87, a price-to-earnings-growth ratio of 1.23 and a beta of 1.05. The company has a fifty day simple moving average of $91.55 and a two-hundred day simple moving average of $86.03.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s dividend payout ratio is presently 68.38%.

Institutional Trading of Silicon Motion Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its holdings in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the last quarter. GAMMA Investing LLC increased its position in Silicon Motion Technology by 118.3% during the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after buying an additional 529 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Silicon Motion Technology during the second quarter worth $75,000. Finally, NewEdge Advisors LLC acquired a new position in shares of Silicon Motion Technology in the third quarter worth $79,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

About Silicon Motion Technology

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.