Fmr LLC Buys 485,862 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Fmr LLC raised its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 27.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,239,574 shares of the semiconductor producer’s stock after purchasing an additional 485,862 shares during the quarter. Fmr LLC owned 6.65% of Silicon Motion Technology worth $136,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Reinhart Partners LLC. lifted its holdings in shares of Silicon Motion Technology by 43.3% during the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after acquiring an additional 326,358 shares during the last quarter. Millennium Management LLC raised its position in Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after purchasing an additional 105,084 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Silicon Motion Technology by 36.4% during the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock worth $34,671,000 after purchasing an additional 152,467 shares during the last quarter. Systematic Financial Management LP boosted its holdings in shares of Silicon Motion Technology by 27.3% in the 2nd quarter. Systematic Financial Management LP now owns 386,232 shares of the semiconductor producer’s stock worth $31,281,000 after purchasing an additional 82,896 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Silicon Motion Technology by 28.7% during 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 purchasing an additional 83,992 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $57.16 on Wednesday. The business’s 50-day moving average is $56.12 and its 200 day moving average is $65.84. The stock has a market capitalization of $1.93 billion, a PE ratio of 21.65, a PEG ratio of 1.47 and a beta of 0.82. 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 earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The business’s revenue was up 23.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were given a $0.50 dividend. The ex-dividend date was Thursday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 3.50%. Silicon Motion Technology’s dividend payout ratio is 75.38%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Needham & Company LLC cut their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Tuesday. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Morgan Stanley cut their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Craig Hallum decreased their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

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.