Verition Fund Management LLC Takes $290,000 Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Verition Fund Management LLC purchased a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,770 shares of the semiconductor producer’s stock, valued at approximately $290,000.

A number of other large investors have also added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its position in shares of Silicon Motion Technology by 129.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after buying an additional 251 shares in the last quarter. Blue Trust Inc. raised its position in Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares in the last quarter. Headlands Technologies LLC bought a new stake in Silicon Motion Technology during the second quarter worth $139,000. Van ECK Associates Corp bought a new stake in Silicon Motion Technology during the third quarter worth $151,000. Finally, XTX Topco Ltd acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $220,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $59.32 on Friday. The business has a 50-day moving average of $55.57 and a 200-day moving average of $64.71. Silicon Motion Technology Co. has a 1 year low of $50.50 and a 1 year high of $85.87. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 22.47, a price-to-earnings-growth ratio of 1.53 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last issued 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. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. During the same quarter in the previous year, the company earned $0.32 EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 3.37%. Silicon Motion Technology’s payout ratio is currently 75.38%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SIMO. Roth Mkm lowered their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Susquehanna dropped their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Craig Hallum decreased 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. One investment 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.