Rhumbline Advisers Has $391,000 Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Rhumbline Advisers lowered its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 30.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,823 shares of the semiconductor producer’s stock after selling 2,137 shares during the quarter. Rhumbline Advisers’ holdings in Silicon Motion Technology were worth $391,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SIMO. Assetmark Inc. increased its stake in Silicon Motion Technology by 34.5% in the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after acquiring an additional 342 shares during the period. Orion Portfolio Solutions LLC increased its stake in Silicon Motion Technology by 51.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,510 shares of the semiconductor producer’s stock valued at $488,000 after acquiring an additional 2,543 shares during the period. Parallel Advisors LLC increased its stake in Silicon Motion Technology by 154.9% in the fourth 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. Alpha DNA Investment Management LLC bought a new stake in Silicon Motion Technology during the fourth quarter worth about $481,000. Finally, Crestline Management LP grew its stake in Silicon Motion Technology by 1,028.7% during the fourth quarter. Crestline Management LP now owns 90,295 shares of the semiconductor producer’s stock worth $5,532,000 after buying an additional 82,295 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $61.47 on Friday. The company’s 50 day simple moving average is $62.39 and its 200 day simple moving average is $72.58. Silicon Motion Technology Co. has a fifty-two week low of $49.50 and a fifty-two week high of $85.87. The firm has a market capitalization of $2.07 billion, a P/E ratio of 34.93, a P/E/G ratio of 0.88 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. Silicon Motion Technology’s revenue was up 50.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 earnings per share. Sell-side analysts expect that Silicon Motion Technology Co. will post 2.8 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.50 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 3.25%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

Analyst Upgrades and Downgrades

SIMO has been the topic of several research analyst reports. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Morgan Stanley decreased 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 research note on Monday, September 16th. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. B. Riley decreased their price objective 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. Finally, Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

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.