The Manufacturers Life Insurance Company Purchases 155,942 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

The Manufacturers Life Insurance Company grew its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 59.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 418,349 shares of the semiconductor producer’s stock after purchasing an additional 155,942 shares during the quarter. The Manufacturers Life Insurance Company owned about 1.24% of Silicon Motion Technology worth $33,882,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Caxton Associates LP acquired a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $3,494,000. Keeley Teton Advisors LLC grew its position in Silicon Motion Technology by 132.2% during the fourth quarter. Keeley Teton Advisors LLC now owns 20,875 shares of the semiconductor producer’s stock worth $1,279,000 after buying an additional 11,885 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in Silicon Motion Technology during the 1st quarter worth $53,676,000. M&G Plc acquired a new position in Silicon Motion Technology in the 1st quarter valued at $6,304,000. Finally, Nomura Holdings Inc. bought a new stake in shares of Silicon Motion Technology during the 4th quarter valued at $3,080,000. Institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SIMO. Morgan Stanley dropped their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Needham & Company LLC upped their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their target price for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. Finally, B. Riley decreased their price target on 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Silicon Motion Technology Stock Up 0.2 %

Shares of SIMO opened at $60.74 on Tuesday. The stock has a market cap of $2.05 billion, a PE ratio of 34.51, a PEG ratio of 0.92 and a beta of 0.84. Silicon Motion Technology Co. has a 12-month low of $50.43 and a 12-month high of $85.87. The business has a 50-day simple moving average of $62.10 and a two-hundred day simple moving average of $72.50.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The company had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The firm’s revenue was up 50.1% compared to the same quarter last year. On average, equities research analysts expect that Silicon Motion Technology Co. will post 2.8 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a yield of 3.29%. Silicon Motion Technology’s payout ratio is 113.07%.

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.