Oppenheimer Asset Management Inc. Buys Shares of 4,508 Silicon Motion Technology Co. (NASDAQ:SIMO)

Oppenheimer Asset Management Inc. purchased a new position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,508 shares of the semiconductor producer’s stock, valued at approximately $365,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares in the last quarter. Blue Trust Inc. boosted its stake 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. grew its position 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 position in shares of Silicon Motion Technology in the fourth quarter worth $123,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Silicon Motion Technology during the second quarter worth $139,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SIMO. Needham & Company LLC upped their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Morgan Stanley cut their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Finally, B. Riley cut their price objective on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Stock Performance

SIMO stock opened at $54.97 on Friday. Silicon Motion Technology Co. has a one year low of $49.50 and a one year high of $85.87. The firm’s fifty day moving average is $64.01 and its 200 day moving average is $72.99. The firm has a market cap of $1.85 billion, a PE ratio of 31.23, a P/E/G ratio of 0.88 and a beta of 0.84.

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

Silicon Motion Technology Announces Dividend

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

Silicon Motion Technology 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.