Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 17.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,034 shares of the semiconductor producer’s stock after selling 1,052 shares during the period. PNC Financial Services Group Inc.’s holdings in Silicon Motion Technology were worth $272,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. FMR LLC grew 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 valued at $136,032,000 after purchasing an additional 485,862 shares during the last quarter. Reinhart Partners LLC. boosted its stake in shares of Silicon Motion Technology by 5.1% during the fourth 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 stake in shares of Silicon Motion Technology by 21.7% during the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after acquiring an additional 196,609 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Silicon Motion Technology by 36.4% during the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock valued at $34,671,000 after acquiring an additional 152,467 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Trading Down 0.2 %

Shares of SIMO opened at $55.80 on Friday. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 1.36 and a beta of 0.71. The stock has a 50 day moving average of $54.12 and a 200-day moving average of $55.48. Silicon Motion Technology Co. has a 52 week low of $48.81 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. On average, sell-side analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has initiated a share buyback program on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a yield of 3.58%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 74.35%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $70.00 target price on shares of Silicon Motion Technology in a research report on Friday, February 7th. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Monday, December 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.