Geode Capital Management LLC Boosts Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Geode Capital Management LLC grew its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 0.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,948 shares of the semiconductor producer’s stock after purchasing an additional 253 shares during the period. Geode Capital Management LLC owned approximately 0.11% of Silicon Motion Technology worth $2,183,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. raised its stake in shares of Silicon Motion Technology by 129.4% during the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after purchasing an additional 251 shares during the period. Blue Trust Inc. increased its stake in shares of Silicon Motion Technology by 139.5% in the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock worth $83,000 after buying an additional 795 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Silicon Motion Technology in the second quarter worth $139,000. XTX Topco Ltd bought a new stake in shares of Silicon Motion Technology in the second quarter worth $220,000. Finally, Van ECK Associates Corp bought a new stake in shares of Silicon Motion Technology in the third quarter worth $151,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Morgan Stanley dropped 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 note on Monday, September 16th. Susquehanna dropped their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Needham & Company LLC lowered their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Craig Hallum lowered their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Down 0.3 %

Shares of SIMO opened at $56.11 on Wednesday. Silicon Motion Technology Co. has a 52-week low of $50.50 and a 52-week high of $85.87. The firm has a market capitalization of $1.89 billion, a PE ratio of 21.25, a P/E/G ratio of 1.61 and a beta of 0.80. The firm has a 50-day moving average price of $54.93 and a 200 day moving average price of $61.69.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The firm had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. On average, equities analysts expect that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.56%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is presently 75.76%.

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.