Fmr LLC Raises Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Fmr LLC boosted its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 27.7% in the third quarter, Holdings Channel.com reports. The firm owned 2,239,574 shares of the semiconductor producer’s stock after buying an additional 485,862 shares during the quarter. Fmr LLC owned about 0.07% of Silicon Motion Technology worth $136,032,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SIMO. The Manufacturers Life Insurance Company increased its stake in shares of Silicon Motion Technology by 36.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock worth $34,671,000 after acquiring an additional 152,467 shares in the last quarter. Cerity Partners LLC bought a new position in shares of Silicon Motion Technology during the third quarter valued at approximately $1,826,000. Advisors Asset Management Inc. lifted its holdings in shares of Silicon Motion Technology by 129.4% during the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after purchasing an additional 251 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Silicon Motion Technology by 15.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,215 shares of the semiconductor producer’s stock worth $317,000 after purchasing an additional 707 shares in the last quarter. Finally, Easterly Investment Partners LLC grew its stake in shares of Silicon Motion Technology by 3.0% in the 3rd quarter. Easterly Investment Partners LLC now owns 225,792 shares of the semiconductor producer’s stock worth $13,715,000 after buying an additional 6,528 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 5.9 %

NASDAQ:SIMO opened at $57.16 on Wednesday. Silicon Motion Technology Co. has a 12 month low of $50.50 and a 12 month high of $85.87. The company has a market cap of $1.93 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 1.47 and a beta of 0.82. The company has a 50 day simple moving average of $56.12 and a two-hundred day simple moving average of $65.84.

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

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.38%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SIMO shares. Wedbush reiterated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Needham & Company LLC cut their price objective on shares of 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. Craig Hallum dropped their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price target for the company from $90.00 to $60.00 in a report on Friday, August 16th. Finally, StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $81.67.

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.