Oliver Luxxe Assets LLC Buys New Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Oliver Luxxe Assets LLC bought a new stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 11,377 shares of the semiconductor producer’s stock, valued at approximately $875,000.

Other hedge funds have also modified their holdings of the company. Parallel Advisors LLC raised its holdings in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares during the period. CVA Family Office LLC purchased a new stake in Silicon Motion Technology during the 4th quarter worth approximately $65,000. Assetmark Inc. increased its holdings in Silicon Motion Technology by 34.5% during the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after purchasing an additional 342 shares during the last quarter. Barometer Capital Management Inc. purchased a new stake in Silicon Motion Technology during the 4th quarter worth approximately $123,000. Finally, PNC Financial Services Group Inc. increased its holdings in Silicon Motion Technology by 48.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock worth $155,000 after purchasing an additional 821 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 1.4 %

Shares of SIMO opened at $79.87 on Tuesday. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 45.38, a PEG ratio of 0.76 and a beta of 0.86. The stock has a 50 day moving average of $78.59 and a 200-day moving average of $72.28. Silicon Motion Technology Co. has a 52 week low of $49.50 and a 52 week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. The business had revenue of $189.31 million during the quarter, compared to analyst estimates of $180.23 million. On average, sell-side analysts predict that Silicon Motion Technology Co. will post 2.81 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.50%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Analysts Set New Price Targets

Several research firms have issued reports on SIMO. Craig Hallum lifted their price objective on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a report on Monday, May 6th. Susquehanna lifted their price objective on Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a report on Monday, May 6th. B. Riley lifted their price objective on Silicon Motion Technology from $101.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $59.00 to $88.00 in a report on Monday, May 6th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Buy” and an average price target of $91.13.

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.