US Bancorp DE Sells 375 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

US Bancorp DE lessened its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,017 shares of the semiconductor producer’s stock after selling 375 shares during the period. US Bancorp DE’s holdings in Silicon Motion Technology were worth $704,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. FMR LLC grew its position 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 last quarter. Reinhart Partners LLC. grew its holdings in Silicon Motion Technology by 5.1% during the 4th quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer’s stock valued at $61,387,000 after buying an additional 55,363 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after buying an additional 196,609 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Silicon Motion Technology during the third quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company lifted its position in 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 during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $49.58 on Tuesday. Silicon Motion Technology Co. has a one year low of $48.81 and a one year high of $85.87. The stock has a market cap of $1.67 billion, a P/E ratio of 18.43, a P/E/G ratio of 1.36 and a beta of 0.71. The stock has a 50-day moving average of $54.28 and a two-hundred day moving average of $55.97.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the semiconductor producer to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend was Thursday, February 13th. Silicon Motion Technology’s dividend payout ratio is currently 74.35%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SIMO shares. Needham & Company LLC restated a “buy” rating and issued a $70.00 price target on shares of Silicon Motion Technology in a research report on Friday, February 7th. Wedbush reiterated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Finally, StockNews.com cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.63.

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.