Silicon Motion Technology Co. (NASDAQ:SIMO) Stake Raised by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 7.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 219,500 shares of the semiconductor producer’s stock after buying an additional 16,000 shares during the period. Canada Pension Plan Investment Board owned 0.65% of Silicon Motion Technology worth $17,777,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Silicon Motion Technology during the second quarter valued at approximately $139,000. Finally, LRI Investments LLC bought a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $150,000. Institutional investors own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Morgan Stanley dropped their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Needham & Company LLC boosted their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. Finally, 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. One 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, Silicon Motion Technology has an average rating of “Moderate Buy” and an average price target of $85.00.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $54.97 on Monday. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 0.88 and a beta of 0.84. Silicon Motion Technology Co. has a 1 year low of $49.50 and a 1 year high of $85.87. The firm’s 50 day moving average price is $64.01 and its two-hundred day moving average price is $72.99.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. During the same period in the previous year, the company posted $0.33 EPS. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. As a group, equities analysts predict that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Thursday, August 8th. 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.