Choreo LLC Acquires New Shares in Silicon Motion Technology Co. (NASDAQ:SIMO)

Choreo LLC purchased a new position in Silicon Motion Technology Co. (NASDAQ:SIMO) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,830 shares of the semiconductor producer’s stock, valued at approximately $209,000.

A number of other institutional investors have also made changes to their positions in SIMO. Deltec Asset Management LLC bought a new position in Silicon Motion Technology during the fourth quarter valued at about $408,000. Calamos Advisors LLC acquired a new position in shares of Silicon Motion Technology in the 4th quarter valued at $3,707,000. Perigon Wealth Management LLC bought a new stake in shares of Silicon Motion Technology in the 4th quarter valued at $431,000. Blue Trust Inc. increased its position in shares of Silicon Motion Technology by 64.7% in the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock valued at $122,000 after buying an additional 883 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Silicon Motion Technology by 0.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 85,265 shares of the semiconductor producer’s stock worth $4,609,000 after purchasing an additional 752 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Up 2.2 %

SIMO opened at $56.47 on Friday. The company has a 50 day moving average of $54.48 and a 200 day moving average of $56.82. Silicon Motion Technology Co. has a 12 month low of $48.81 and a 12 month high of $85.87. The company has a market cap of $1.90 billion, a PE ratio of 20.99, a price-to-earnings-growth ratio of 1.34 and a beta of 0.79.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.59%. Research analysts forecast that Silicon Motion Technology Co. will post 2.91 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its board has approved a stock repurchase program on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to buy up to 2.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Thursday, February 13th. Silicon Motion Technology’s payout ratio is 73.98%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 target price on shares of Silicon Motion Technology in a research note on Friday, February 7th. Susquehanna decreased their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Craig Hallum cut their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target of $80.63.

About Silicon Motion Technology

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.