Silicon Motion Technology Co. (NASDAQ:SIMO) Position Raised by Rhumbline Advisers

Rhumbline Advisers raised its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,668 shares of the semiconductor producer’s stock after purchasing an additional 453 shares during the quarter. Rhumbline Advisers’ holdings in Silicon Motion Technology were worth $306,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SIMO. FMR LLC lifted its holdings in shares of Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares during the period. Reinhart Partners LLC. lifted its holdings in Silicon Motion Technology by 5.1% in the 4th quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer’s stock valued at $61,387,000 after acquiring an additional 55,363 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after purchasing an additional 196,609 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at about $40,331,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Silicon Motion Technology by 36.4% in the 3rd 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. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Up 0.2 %

Shares of Silicon Motion Technology stock opened at $52.76 on Monday. Silicon Motion Technology Co. has a 12 month low of $48.81 and a 12 month high of $85.87. The stock has a market cap of $1.78 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 1.36 and a beta of 0.71. The business has a fifty day simple moving average of $54.38 and a 200-day simple moving average of $56.08.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its board has authorized a share buyback program on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date was Thursday, February 13th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 74.35%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SIMO shares. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Monday, December 23rd. StockNews.com lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 target price on shares of Silicon Motion Technology in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.63.

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.