Silicon Motion Technology Co. (NASDAQ:SIMO) Stock Holdings Reduced by National Bank of Canada FI

National Bank of Canada FI cut its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 98.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 750 shares of the semiconductor producer’s stock after selling 46,400 shares during the period. National Bank of Canada FI’s holdings in Silicon Motion Technology were worth $46,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its holdings in Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock worth $136,032,000 after buying an additional 485,862 shares during the last quarter. Reinhart Partners LLC. increased its stake 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 purchasing an additional 326,358 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Silicon Motion Technology by 15.3% during the 2nd 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. Erste Asset Management GmbH acquired a new stake in shares of Silicon Motion Technology in the 3rd quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Silicon Motion Technology by 36.4% in 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 in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SIMO has been the topic of several recent research reports. StockNews.com lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Craig Hallum reduced their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Susquehanna lowered their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Morgan Stanley dropped their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $60.15 on Wednesday. The firm has a fifty day moving average price of $55.57 and a two-hundred day moving average price of $64.50. Silicon Motion Technology Co. has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The company has a market cap of $2.03 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating 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 business had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter last year, the company earned $0.32 earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. Analysts expect that Silicon Motion Technology Co. will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is presently 75.76%.

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.