Bank of Montreal Can Sells 20,743 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Bank of Montreal Can trimmed its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 6.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 312,022 shares of the semiconductor producer’s stock after selling 20,743 shares during the quarter. Bank of Montreal Can owned approximately 0.93% of Silicon Motion Technology worth $25,302,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SIMO. Acadian Asset Management LLC grew its stake in Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after acquiring an additional 825,394 shares in the last quarter. Kodai Capital Management LP purchased a new position in shares of Silicon Motion Technology during the fourth quarter valued at about $44,073,000. Lord Abbett & CO. LLC bought a new stake in shares of Silicon Motion Technology in the first quarter worth about $53,676,000. Farallon Capital Management LLC lifted its position in shares of Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after buying an additional 608,949 shares in the last quarter. Finally, AIGH Capital Management LLC bought a new position in Silicon Motion Technology during the second quarter valued at approximately $22,272,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $60.59 on Friday. The business’s 50 day moving average price is $62.39 and its 200-day moving average price is $72.58. Silicon Motion Technology Co. has a fifty-two week low of $49.50 and a fifty-two week high of $85.87. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 0.92 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm 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 business’s revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share. Sell-side analysts predict that Silicon Motion Technology Co. will post 2.8 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

Analyst Ratings Changes

A number of analysts have issued reports on SIMO shares. B. Riley reduced their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the company from $90.00 to $60.00 in a research note on Friday, August 16th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Morgan Stanley reduced their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Needham & Company LLC lifted their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

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.