272 Capital LP Has $5.29 Million Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

272 Capital LP trimmed its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 26.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,299 shares of the semiconductor producer’s stock after selling 24,034 shares during the period. Silicon Motion Technology accounts for approximately 2.7% of 272 Capital LP’s holdings, making the stock its 10th largest holding. 272 Capital LP owned approximately 0.19% of Silicon Motion Technology worth $5,289,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SIMO. Acadian Asset Management LLC increased its stake in shares of Silicon Motion Technology by 161.5% in the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after buying an additional 825,394 shares in the last quarter. Kodai Capital Management LP acquired a new stake in Silicon Motion Technology in the 4th quarter valued at about $44,073,000. Lord Abbett & CO. LLC bought a new position in shares of Silicon Motion Technology in the first quarter worth about $53,676,000. Farallon Capital Management LLC lifted its position in shares of Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after purchasing an additional 608,949 shares in the last quarter. Finally, AIGH Capital Management LLC bought a new stake in shares of Silicon Motion Technology during the second quarter valued at approximately $22,272,000. Institutional investors own 78.02% of the company’s stock.

Analyst Ratings Changes

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

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $54.94 on Tuesday. The stock has a market cap of $1.85 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 0.88 and a beta of 0.84. The stock has a 50-day moving average of $63.52 and a 200-day moving average of $72.87. Silicon Motion Technology Co. has a one year low of $49.50 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS 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 the consensus estimate of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 earnings per share. As a group, research analysts anticipate that Silicon Motion Technology Co. will post 2.86 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued 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 yield of 3.64%. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

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.