Silicon Motion Technology (NASDAQ:SIMO) Cut to Hold at Zacks Research

Zacks Research lowered shares of Silicon Motion Technology (NASDAQ:SIMO) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on SIMO. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price target on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Wedbush set a $120.00 target price on shares of Silicon Motion Technology in a research report on Monday, November 3rd. Roth Capital reissued a “buy” rating and set a $120.00 price target on shares of Silicon Motion Technology in a research report on Friday, October 31st. JPMorgan Chase & Co. boosted their price objective on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Finally, B. Riley raised their target price on shares of Silicon Motion Technology from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.25.

Silicon Motion Technology Stock Up 3.4%

Shares of SIMO opened at $87.58 on Monday. The stock has a market capitalization of $2.98 billion, a P/E ratio of 36.95, a PEG ratio of 1.75 and a beta of 1.03. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $106.60. The firm has a fifty day simple moving average of $92.74 and a two-hundred day simple moving average of $79.93.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, August 6th. This represents a $2.00 annualized dividend and a yield of 2.3%. Silicon Motion Technology’s payout ratio is 68.73%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC increased its position in Silicon Motion Technology by 2.3% in the third quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock worth $552,000 after purchasing an additional 132 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth about $79,000. Potrero Capital Research LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth about $4,917,000. Prelude Capital Management LLC raised its position in shares of Silicon Motion Technology by 96.6% during the 3rd quarter. Prelude Capital Management LLC now owns 15,160 shares of the semiconductor producer’s stock valued at $1,437,000 after buying an additional 7,447 shares in the last quarter. Finally, Mariner LLC bought a new position in shares of Silicon Motion Technology in the 3rd quarter valued at about $298,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.