Farallon Capital Management LLC Sells 287,915 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Farallon Capital Management LLC decreased its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 33.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 567,534 shares of the semiconductor producer’s stock after selling 287,915 shares during the period. Farallon Capital Management LLC owned 1.69% of Silicon Motion Technology worth $45,965,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Parallel Advisors LLC raised its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares in the last quarter. Blue Trust Inc. raised its holdings in Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 556 shares in the last quarter. Assetmark Inc. lifted its position in shares of Silicon Motion Technology by 34.5% in 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 period. Barometer Capital Management Inc. purchased a new stake in Silicon Motion Technology in the fourth quarter worth about $123,000. Finally, Headlands Technologies LLC bought a new stake in Silicon Motion Technology during the 2nd quarter valued at approximately $139,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Down 0.1 %

Shares of NASDAQ SIMO opened at $54.94 on Tuesday. The firm has a market cap of $1.85 billion, a P/E ratio of 31.22, a PEG ratio of 0.88 and a beta of 0.84. Silicon Motion Technology Co. has a twelve month low of $49.50 and a twelve month high of $85.87. The company has a 50 day moving average of $63.52 and a 200 day moving average of $72.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The firm had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. The company’s revenue was up 50.1% on a year-over-year basis. As a group, equities analysts expect that Silicon Motion Technology Co. will post 2.86 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s payout ratio is presently 113.07%.

Analyst Ratings Changes

SIMO has been the subject of several research reports. Morgan Stanley decreased their target price on 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. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $90.00 to $60.00 in a report on Friday, August 16th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. B. Riley decreased their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $85.00.

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.