Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 5% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares dropped 5% on Wednesday . The company traded as low as $110.01 and last traded at $107.8410. Approximately 136,169 shares were traded during trading, a decline of 86% from the average daily volume of 979,495 shares. The stock had previously closed at $113.56.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SIMO. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price objective on shares of Silicon Motion Technology in a report on Monday, November 3rd. JPMorgan Chase & Co. lifted their price objective on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Roth Capital reissued a “buy” rating and set a $120.00 price objective on shares of Silicon Motion Technology in a research note on Friday, October 31st. Susquehanna lifted their price target on Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a report on Monday, November 3rd. Finally, Zacks Research lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology has an average rating of “Moderate Buy” and an average target price of $113.13.

Silicon Motion Technology Trading Down 3.3%

The firm’s fifty day moving average price is $92.33 and its 200 day moving average price is $86.79. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 37.72, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 annualized dividend and a yield of 1.8%. Silicon Motion Technology’s dividend payout ratio (DPR) is 68.73%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SIMO. Royal Bank of Canada increased its position in Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after acquiring an additional 32,527 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after purchasing an additional 44,976 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Silicon Motion Technology by 65.5% during the second quarter. Harbor Capital Advisors Inc. now owns 202,721 shares of the semiconductor producer’s stock worth $15,239,000 after purchasing an additional 80,208 shares during the period. Reinhart Partners LLC. grew its position in Silicon Motion Technology by 7.9% in the 2nd quarter. Reinhart Partners LLC. now owns 1,471,583 shares of the semiconductor producer’s stock valued at $110,620,000 after buying an additional 107,292 shares during the last quarter. Finally, Diversified Trust Co purchased a new position in Silicon Motion Technology in the 2nd quarter valued at $649,000. Institutional investors and hedge funds 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.