Hsbc Holdings PLC Purchases 1,187 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Hsbc Holdings PLC raised its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 25.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,804 shares of the semiconductor producer’s stock after acquiring an additional 1,187 shares during the quarter. Hsbc Holdings PLC’s holdings in Silicon Motion Technology were worth $468,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its holdings in Silicon Motion Technology by 161.5% in 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 during the period. Farallon Capital Management LLC lifted its holdings in 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 valued at $65,818,000 after acquiring an additional 608,949 shares during the period. Reinhart Partners LLC. lifted its holdings in Silicon Motion Technology by 2.4% in the second quarter. Reinhart Partners LLC. now owns 754,017 shares of the semiconductor producer’s stock valued at $61,068,000 after acquiring an additional 17,646 shares during the period. Lord Abbett & CO. LLC bought a new position in Silicon Motion Technology in the first quarter valued at about $53,676,000. Finally, Goldman Sachs Group Inc. increased its position in Silicon Motion Technology by 615.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock worth $19,379,000 after buying an additional 272,103 shares in the last quarter. Institutional investors own 78.02% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on SIMO shares. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Needham & Company LLC upped 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. Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $90.00 to $60.00 in a research report on Friday, August 16th. B. Riley reduced their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Morgan Stanley reduced their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $59.57 on Wednesday. The stock has a market capitalization of $2.01 billion, a PE ratio of 33.85, a P/E/G ratio of 0.97 and a beta of 0.84. The business has a 50 day simple moving average of $61.79 and a two-hundred day simple moving average of $72.43. Silicon Motion Technology Co. has a 1-year low of $50.43 and a 1-year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released 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 business had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The firm’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. On average, analysts anticipate that Silicon Motion Technology Co. will post 2.8 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

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.