State Street Corp Sells 26,804 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

State Street Corp lessened its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 33.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,537 shares of the semiconductor producer’s stock after selling 26,804 shares during the period. State Street Corp owned about 0.16% of Silicon Motion Technology worth $3,313,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in SIMO. FMR LLC increased its holdings in Silicon Motion Technology by 27.7% during the 3rd 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 period. Reinhart Partners LLC. lifted its stake in Silicon Motion Technology by 43.3% in the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after acquiring an additional 326,358 shares during the period. Millennium Management LLC boosted its holdings in Silicon Motion Technology by 15.3% in the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after acquiring an additional 105,084 shares in the last quarter. Erste Asset Management GmbH purchased a new position in shares of Silicon Motion Technology during the third quarter valued at about $40,331,000. Finally, The Manufacturers Life Insurance Company boosted its position 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 purchasing an additional 152,467 shares in the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $54.60 on Tuesday. The stock has a 50-day simple moving average of $55.08 and a two-hundred day simple moving average of $62.71. The firm has a market capitalization of $1.84 billion, a PE ratio of 20.68, a P/E/G ratio of 1.61 and a beta of 0.82. Silicon Motion Technology Co. has a 52-week low of $50.50 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. During the same period in the previous year, the company posted $0.32 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. Equities analysts forecast that Silicon Motion Technology Co. will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is 75.76%.

Analyst Upgrades and Downgrades

SIMO has been the subject of several analyst reports. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Monday, December 23rd. Needham & Company LLC dropped their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Craig Hallum lowered their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Roth Mkm cut their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

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.