Hood River Capital Management LLC Acquires New Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Hood River Capital Management LLC bought a new position in Silicon Motion Technology Co. (NASDAQ:SIMO) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 261,857 shares of the semiconductor producer’s stock, valued at approximately $21,208,000. Hood River Capital Management LLC owned 0.78% of Silicon Motion Technology at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Assetmark Inc. increased its position in 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 acquiring an additional 342 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Silicon Motion Technology by 51.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,510 shares of the semiconductor producer’s stock valued at $488,000 after purchasing an additional 2,543 shares during the period. Westfield Capital Management Co. LP purchased a new stake in shares of Silicon Motion Technology during the 4th quarter valued at about $25,007,000. Parallel Advisors LLC lifted its stake in shares of Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares during the period. Finally, 1492 Capital Management LLC purchased a new position in shares of Silicon Motion Technology in the fourth quarter worth approximately $209,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. B. Riley reduced their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. Needham & Company LLC raised 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 cut their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Stock Down 1.6 %

NASDAQ SIMO opened at $54.97 on Monday. Silicon Motion Technology Co. has a twelve month low of $49.50 and a twelve month high of $85.87. The business has a 50-day moving average price of $64.01 and a 200-day moving average price of $72.99. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 0.88 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its 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 firm had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. Silicon Motion Technology’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share. Research analysts expect that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

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

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.