Cerity Partners LLC Invests $1.83 Million in Silicon Motion Technology Co. (NASDAQ:SIMO)

Cerity Partners LLC acquired a new stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) during the third quarter, HoldingsChannel reports. The fund acquired 30,069 shares of the semiconductor producer’s stock, valued at approximately $1,826,000.

A number of other hedge funds also recently made changes to their positions in the stock. Advisors Asset Management Inc. lifted its holdings in 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 in the last quarter. Blue Trust Inc. raised its position in shares of Silicon Motion Technology by 3,971.4% during the 2nd 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 period. Headlands Technologies LLC purchased a new position in shares of Silicon Motion Technology during the 2nd quarter valued at $139,000. Van ECK Associates Corp bought a new position in Silicon Motion Technology in the 3rd quarter worth $151,000. Finally, XTX Topco Ltd purchased a new stake in Silicon Motion Technology in the 2nd quarter worth $220,000. 78.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SIMO shares. StockNews.com cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Needham & Company LLC reduced 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. Roth Mkm dropped their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Craig Hallum decreased their price target 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. Finally, Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price objective for the company from $90.00 to $60.00 in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $53.95 on Tuesday. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 1.44 and a beta of 0.84. The business has a 50 day simple moving average of $56.12 and a 200-day simple moving average of $65.98. Silicon Motion Technology Co. has a 1 year low of $50.50 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping the consensus estimate 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 company had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same period in the previous year, the firm earned $0.32 earnings per share. Silicon Motion Technology’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, analysts expect that Silicon Motion Technology Co. will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 75.38%.

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.