Van ECK Associates Corp Acquires Shares of 2,715 Silicon Motion Technology Co. (NASDAQ:SIMO)

Van ECK Associates Corp bought a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,715 shares of the semiconductor producer’s stock, valued at approximately $151,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. grew its stake in shares of 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 buying an additional 556 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at about $139,000. LRI Investments LLC acquired a new position in Silicon Motion Technology in the 1st quarter valued at about $150,000. HBK Sorce Advisory LLC acquired a new position in Silicon Motion Technology in the 1st quarter valued at about $204,000. Finally, XTX Topco Ltd acquired a new position in Silicon Motion Technology in the 2nd quarter valued at about $220,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 2.9 %

SIMO opened at $52.59 on Thursday. The business’s 50 day moving average is $57.14 and its 200-day moving average is $68.18. The stock has a market cap of $1.77 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 1.39 and a beta of 0.84. Silicon Motion Technology Co. has a twelve month low of $50.50 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The business had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same quarter last year, the business earned $0.32 earnings per share. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, analysts forecast that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.80%. The ex-dividend date is Thursday, November 14th. Silicon Motion Technology’s payout ratio is 75.38%.

Wall Street Analysts Forecast Growth

SIMO has been the topic of several recent analyst reports. Needham & Company LLC dropped their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their target price for the company from $90.00 to $60.00 in a research note on Friday, August 16th. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. B. Riley cut their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Craig Hallum lowered their price target on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

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.