Silicon Motion Technology (NASDAQ:SIMO) Trading Down 6.6% – Here’s What Happened

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) fell 6.6% on Thursday . The company traded as low as $114.93 and last traded at $113.1410. 216,985 shares traded hands during trading, a decline of 78% from the average session volume of 968,794 shares. The stock had previously closed at $121.13.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SIMO. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Silicon Motion Technology in a report on Monday, November 3rd. Susquehanna upped their target price on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. raised their price target on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. B. Riley boosted their price target on shares of Silicon Motion Technology from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target of $111.25.

Silicon Motion Technology Stock Performance

The stock has a market cap of $3.73 billion, a PE ratio of 37.82, a PEG ratio of 1.16 and a beta of 1.05. The company’s 50-day moving average price is $91.03 and its two-hundred day moving average price is $85.55.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.50 per share. 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 payout ratio is 68.73%.

Hedge Funds Weigh In On Silicon Motion Technology

Large investors have recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC raised its position in Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the period. GAMMA Investing LLC grew its stake in shares of Silicon Motion Technology by 118.3% during the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock valued at $73,000 after buying an additional 529 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Silicon Motion Technology in the second quarter worth about $75,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter valued at about $79,000. 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.