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

Silicon Motion Technology Corporation (NASDAQ:SIMO) 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, Morningstar.com reports. 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.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) traded up 0.87% during mid-day trading on Friday, reaching $42.72. The company’s stock had a trading volume of 490,180 shares. The firm’s 50 day moving average is $43.52 and its 200 day moving average is $45.86. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $56.25. The firm has a market cap of $1.53 billion, a PE ratio of 14.44 and a beta of 0.68.

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SIMO has been the subject of several analyst reports. BidaskClub cut Silicon Motion Technology Corporation from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Zacks Investment Research upgraded Silicon Motion Technology Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Friday, May 5th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price (down from $56.00) on shares of Silicon Motion Technology Corporation in a report on Friday, July 7th. Loop Capital decreased their target price 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 increased their target price 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 investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $56.84.

Silicon Motion Technology Corporation announced that its Board of Directors has approved a stock 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 repurchase up to 13.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Several large investors have recently made changes to their positions in the stock. US Bancorp DE raised its stake in shares of 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 worth $102,000 after buying an additional 915 shares during the period. Seven Eight Capital LP bought a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth $135,000. Summit Securities Group LLC bought a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth $204,000. Hikari Power Ltd bought a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth $204,000. Finally, Dubuque Bank & Trust Co. raised its stake 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 period. 84.49% of the stock is currently owned by hedge funds and other institutional investors.

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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