Renaissance Technologies LLC Boosts Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Renaissance Technologies LLC increased its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 41.9% during the second quarter, HoldingsChannel reports. The firm owned 113,879 shares of the semiconductor producer’s stock after buying an additional 33,600 shares during the period. Renaissance Technologies LLC’s holdings in Silicon Motion Technology were worth $9,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Parallel Advisors LLC lifted its stake in Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares during the period. Blue Trust Inc. raised its holdings in shares of 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 during the last quarter. Assetmark Inc. lifted its position in Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after purchasing an additional 342 shares during the period. Headlands Technologies LLC purchased a new stake in Silicon Motion Technology in the second quarter worth approximately $139,000. Finally, LRI Investments LLC bought a new stake in Silicon Motion Technology in the 1st quarter worth approximately $150,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SIMO. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price target for the stock 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 report on Saturday, September 14th. Morgan Stanley dropped their price objective 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. Needham & Company LLC upped their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, B. Riley dropped their price target on shares of 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. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Silicon Motion Technology Stock Performance

SIMO opened at $56.95 on Wednesday. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 0.88 and a beta of 0.84. The firm’s fifty day moving average is $63.06 and its 200 day moving average is $72.76. Silicon Motion Technology Co. has a fifty-two week low of $49.50 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping 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 return on equity of 10.31% and a net margin of 10.14%. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.33 earnings per share. On average, equities research analysts predict that Silicon Motion Technology Co. will post 2.86 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Thursday, August 8th. Silicon Motion Technology’s payout ratio is currently 113.07%.

Silicon Motion Technology 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.