Silicon Motion Technology Corp. (SIMO) PT Lowered to $54.00

Silicon Motion Technology Corp. (NASDAQ:SIMO) had its price objective reduced by Loop Capital from $61.00 to $54.00 in a report released on Monday, July 10th. They currently have a buy rating on the semiconductor producer’s stock.

A number of other equities research analysts also recently issued reports on SIMO. Needham & Company LLC reissued a buy rating and issued a $56.00 price target (down from $60.00) on shares of Silicon Motion Technology Corp. in a report on Tuesday, April 11th. B. Riley reissued a buy rating and issued a $68.75 price target on shares of Silicon Motion Technology Corp. in a report on Wednesday, April 26th. Pacific Crest increased their price target on shares of Silicon Motion Technology Corp. from $51.00 to $53.00 and gave the stock an overweight rating in a report on Monday, May 1st. Zacks Investment Research raised shares of Silicon Motion Technology Corp. from a hold rating to a buy rating and set a $57.00 price target on the stock in a report on Friday, May 5th. Finally, Standpoint Research downgraded shares of Silicon Motion Technology Corp. from a buy rating to a reduce rating in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. Silicon Motion Technology Corp. presently has an average rating of Hold and a consensus price target of $56.84.

Shares of Silicon Motion Technology Corp. (NASDAQ SIMO) traded down 0.388% during mid-day trading on Monday, reaching $42.405. 270,379 shares of the company’s stock traded hands. Silicon Motion Technology Corp. has a 12-month low of $37.37 and a 12-month high of $56.25. The firm has a 50-day moving average of $46.68 and a 200 day moving average of $45.85. The company has a market cap of $1.50 billion, a P/E ratio of 13.600 and a beta of 0.68.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last announced its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. Silicon Motion Technology Corp. had a return on equity of 20.64% and a net margin of 18.47%. The firm had revenue of $132.70 million during the quarter, compared to analysts’ expectations of $132.92 million. During the same period in the previous year, the company posted $0.86 earnings per share. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. Equities analysts forecast that Silicon Motion Technology Corp. will post $2.67 EPS for the current year.

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Silicon Motion Technology Corp. declared that its Board of Directors has approved a share repurchase plan on Monday, July 31st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Independent Portfolio Consultants Inc. boosted its position in shares of Silicon Motion Technology Corp. by 11.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 8,540 shares of the semiconductor producer’s stock worth $399,000 after buying an additional 875 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Silicon Motion Technology Corp. by 261.6% in the first quarter. Nationwide Fund Advisors now owns 52,167 shares of the semiconductor producer’s stock worth $2,439,000 after buying an additional 37,742 shares during the last quarter. Hartwell J M Limited Partnership boosted its position in shares of Silicon Motion Technology Corp. by 52.6% in the first quarter. Hartwell J M Limited Partnership now owns 8,700 shares of the semiconductor producer’s stock worth $407,000 after buying an additional 3,000 shares during the last quarter. First National Bank of Omaha boosted its position in shares of Silicon Motion Technology Corp. by 28.9% in the first quarter. First National Bank of Omaha now owns 18,615 shares of the semiconductor producer’s stock worth $870,000 after buying an additional 4,171 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its position in shares of Silicon Motion Technology Corp. by 17.2% in the first quarter. Peregrine Capital Management LLC now owns 424,360 shares of the semiconductor producer’s stock worth $19,733,000 after buying an additional 62,162 shares during the last quarter. Institutional investors and hedge funds own 80.90% of the company’s stock.

Silicon Motion Technology Corp. 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.

Analyst Recommendations for Silicon Motion Technology Corp. (NASDAQ:SIMO)

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