Silicon Motion Technology Corporation (NASDAQ:SIMO) Issues Earnings Results

Silicon Motion Technology Corporation (NASDAQ:SIMO) released its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04, Morningstar.com reports. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business had revenue of $132.70 million during the quarter, compared to analyst estimates of $132.92 million. During the same quarter in the previous year, the firm posted $0.86 earnings per share. The firm’s quarterly revenue was down 5.7% on a year-over-year basis.

Shares of Silicon Motion Technology Corporation (SIMO) opened at 42.72 on Friday. Silicon Motion Technology Corporation has a 52 week low of $37.37 and a 52 week high of $56.25. The company has a market cap of $1.53 billion, a PE ratio of 14.44 and a beta of 0.68. The company has a 50 day moving average of $43.52 and a 200 day moving average of $45.86.

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Several hedge funds have recently bought and sold shares of SIMO. US Bancorp DE boosted its stake in Silicon Motion Technology Corporation by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after buying an additional 915 shares during the period. Seven Eight Capital LP bought a new stake in Silicon Motion Technology Corporation during the second quarter valued at $135,000. Summit Securities Group LLC bought a new stake in Silicon Motion Technology Corporation during the second quarter valued at $204,000. Hikari Power Ltd acquired a new position in shares of Silicon Motion Technology Corporation during the second quarter worth approximately $204,000. Finally, Dubuque Bank & Trust Co. boosted its position in shares of Silicon Motion Technology Corporation by 253.4% in the first quarter. Dubuque Bank & Trust Co. now owns 4,531 shares of the semiconductor producer’s stock worth $212,000 after buying an additional 3,249 shares during the last quarter. Hedge funds and other institutional investors own 84.49% of the company’s stock.

Silicon Motion Technology Corporation announced that its Board of Directors has authorized a stock repurchase program on Monday, July 31st that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to reacquire up to 13.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

A number of equities research analysts have recently weighed in on the stock. Lake Street Capital reiterated a “buy” rating and issued a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Tuesday, August 8th. B. Riley reiterated a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a research report on Monday, August 7th. Craig Hallum reiterated a “buy” rating and issued a $60.00 price target (down from $67.00) on shares of Silicon Motion Technology Corporation in a research report on Wednesday, August 2nd. Roth Capital lowered their price objective on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, August 1st. Finally, BidaskClub downgraded shares of Silicon Motion Technology Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. Silicon Motion Technology Corporation has an average rating of “Hold” and a consensus price target of $56.84.

About Silicon Motion Technology Corporation

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.

Earnings History for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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