Massachusetts Financial Services Co. MA Has $42.65 Million Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Massachusetts Financial Services Co. MA lowered its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 1.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 526,645 shares of the semiconductor producer’s stock after selling 5,515 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.56% of Silicon Motion Technology worth $42,653,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Trexquant Investment LP raised its stake in Silicon Motion Technology by 253.3% during the 4th quarter. Trexquant Investment LP now owns 57,863 shares of the semiconductor producer’s stock worth $3,545,000 after buying an additional 41,487 shares during the period. Assetmark Inc. lifted its holdings in shares of Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after purchasing an additional 342 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in Silicon Motion Technology by 51.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 7,510 shares of the semiconductor producer’s stock valued at $488,000 after purchasing an additional 2,543 shares during the period. Westfield Capital Management Co. LP bought a new stake in Silicon Motion Technology during the 4th quarter valued at $25,007,000. Finally, Parallel Advisors LLC raised its holdings in Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $90.00 to $60.00 in a report on Friday, August 16th. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. B. Riley dropped their target price 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. Morgan Stanley cut their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Needham & Company LLC increased their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $85.00.

Silicon Motion Technology Trading Up 1.2 %

SIMO stock opened at $55.86 on Friday. The stock has a market cap of $1.88 billion, a P/E ratio of 31.74, a P/E/G ratio of 0.88 and a beta of 0.84. The stock’s fifty day simple moving average is $64.53 and its two-hundred day simple moving average is $73.09. Silicon Motion Technology Co. has a 1-year low of $49.50 and a 1-year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted 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 company had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share. As a group, analysts forecast that Silicon Motion Technology Co. will post 2.86 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.50 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.58%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

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.