Silicon Motion Technology Corporation (NASDAQ:SIMO) declared that its Board of Directors has initiated a stock buyback plan, which allows the company to repurchase $200.00 million in shares on Monday, July 31st, EventVestor reports. This repurchase authorization allows the semiconductor producer to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) opened at 42.72 on Friday. The company has a market cap of $1.53 billion, a PE ratio of 14.44 and a beta of 0.68. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $56.25. The company has a 50-day moving average price of $43.52 and a 200-day moving average price of $45.86.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.73 by $0.04. The company had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The company’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.86 earnings per share. Equities research analysts expect that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.
SIMO has been the subject of several research analyst reports. BidaskClub lowered Silicon Motion Technology Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Friday, July 7th. Zacks Investment Research raised Silicon Motion Technology Corporation from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Friday, May 5th. Loop Capital reduced their price target on Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, July 10th. Finally, Pacific Crest upped their price target on Silicon Motion Technology Corporation from $51.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, May 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price 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.
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