Seven Eight Capital LP Makes New $224,000 Investment in Silicon Motion Technology Co. (NASDAQ:SIMO)

Seven Eight Capital LP purchased a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,767 shares of the semiconductor producer’s stock, valued at approximately $224,000.

A number of other institutional investors have also recently bought and sold shares of SIMO. Parallel Advisors LLC boosted its position 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 worth $34,000 after purchasing an additional 333 shares in the last quarter. Blue Trust Inc. grew its stake in Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 556 shares during the period. Assetmark Inc. increased its holdings in shares of 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 acquiring an additional 342 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Silicon Motion Technology during the second quarter worth about $139,000. Finally, LRI Investments LLC bought a new position in shares of Silicon Motion Technology during the 1st quarter valued at about $150,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $54.94 on Tuesday. Silicon Motion Technology Co. has a fifty-two week low of $49.50 and a fifty-two week high of $85.87. The business has a fifty day moving average price of $63.52 and a two-hundred day moving average price of $72.87. The stock has a market capitalization of $1.85 billion, a PE ratio of 31.22, a P/E/G ratio of 0.88 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced 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. The business 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%. Silicon Motion Technology’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 EPS. On average, equities analysts expect that Silicon Motion Technology Co. will post 2.86 EPS for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.64%. Silicon Motion Technology’s dividend payout ratio is 113.07%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Morgan Stanley lowered their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Needham & Company LLC increased their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. B. Riley cut their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Bank of America cut 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 report on Friday, August 16th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Company 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.