Royce & Associates LP Sells 127,985 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Royce & Associates LP cut its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 89.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,648 shares of the semiconductor producer’s stock after selling 127,985 shares during the period. Royce & Associates LP’s holdings in Silicon Motion Technology were worth $890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Oppenheimer Asset Management Inc. grew its position in Silicon Motion Technology by 15.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 5,215 shares of the semiconductor producer’s stock valued at $317,000 after purchasing an additional 707 shares in the last quarter. Easterly Investment Partners LLC increased its holdings in shares of Silicon Motion Technology by 3.0% in the third quarter. Easterly Investment Partners LLC now owns 225,792 shares of the semiconductor producer’s stock valued at $13,715,000 after purchasing an additional 6,528 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Silicon Motion Technology by 28.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 376,324 shares of the semiconductor producer’s stock valued at $22,858,000 after acquiring an additional 83,992 shares during the period. Van ECK Associates Corp bought a new position in shares of Silicon Motion Technology during the third quarter worth approximately $151,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Silicon Motion Technology by 95.7% during the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock worth $7,793,000 after buying an additional 62,733 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $53.07 on Thursday. Silicon Motion Technology Co. has a 52 week low of $50.50 and a 52 week high of $85.87. The firm has a market cap of $1.79 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 1.39 and a beta of 0.84. The firm’s fifty day moving average is $56.63 and its 200-day moving average is $67.45.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.85 by $0.07. The firm had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. Sell-side analysts forecast that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.00 annualized dividend and a yield of 3.77%. Silicon Motion Technology’s payout ratio is 75.76%.

Wall Street Analysts Forecast Growth

SIMO has been the subject of a number of analyst reports. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. B. Riley reduced their price objective 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. 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. Roth Mkm decreased their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. Finally, Morgan Stanley dropped their price objective on shares of 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently 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.