Commonwealth Equity Services LLC Raises Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Commonwealth Equity Services LLC grew its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 29.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,788 shares of the semiconductor producer’s stock after buying an additional 2,714 shares during the period. Commonwealth Equity Services LLC’s holdings in Silicon Motion Technology were worth $955,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SIMO. Parallel Advisors LLC grew its position in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares in the last quarter. Assetmark Inc. boosted its stake in Silicon Motion Technology by 34.5% in the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after buying an additional 342 shares in the last quarter. Barometer Capital Management Inc. purchased a new stake in Silicon Motion Technology in the fourth quarter worth approximately $123,000. Finally, LRI Investments LLC bought a new position in Silicon Motion Technology during the first quarter valued at approximately $150,000. Institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SIMO shares. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price objective for the company from $90.00 to $60.00 in a research note on Friday, August 16th. Morgan Stanley cut their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday. B. Riley decreased their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Needham & Company LLC increased their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Silicon Motion Technology Stock Up 1.1 %

SIMO opened at $56.50 on Wednesday. Silicon Motion Technology Co. has a 52 week low of $49.50 and a 52 week high of $85.87. The stock has a market cap of $1.90 billion, a PE ratio of 32.10, a PEG ratio of 0.92 and a beta of 0.84. The business has a 50 day moving average of $65.52 and a 200-day moving average of $73.34.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The company’s revenue was up 50.1% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. Equities analysts anticipate that Silicon Motion Technology Co. will post 2.86 EPS for the current year.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.54%. Silicon Motion Technology’s payout ratio is 113.07%.

Silicon Motion Technology Profile

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.