Morse Asset Management Inc Buys 3,600 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Morse Asset Management Inc raised its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 39.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,700 shares of the semiconductor producer’s stock after buying an additional 3,600 shares during the period. Morse Asset Management Inc’s holdings in Silicon Motion Technology were worth $1,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Inspire Advisors LLC boosted its holdings in shares of Silicon Motion Technology by 1.9% in the second quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after purchasing an additional 249 shares during the period. Sei Investments Co. lifted its holdings in shares of Silicon Motion Technology by 0.5% in the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock worth $4,559,000 after buying an additional 257 shares during the period. Parallel Advisors LLC grew its position in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares in the last quarter. Assetmark Inc. increased its stake in shares of Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares during the period. Finally, Naples Global Advisors LLC raised its holdings in shares of Silicon Motion Technology by 3.1% in the second quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock valued at $1,410,000 after acquiring an additional 525 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $54.97 on Monday. The business has a fifty day moving average price of $64.01 and a 200-day moving average price of $72.99. Silicon Motion Technology Co. has a 1-year low of $49.50 and a 1-year high of $85.87. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 0.88 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $210.67 million for 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%. The company’s revenue was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. On average, equities research analysts anticipate that Silicon Motion Technology Co. will post 2.86 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

SIMO has been the topic of several recent research reports. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. Needham & Company LLC upped their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Morgan Stanley dropped their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, B. Riley decreased their price objective on 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. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus 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.