Y Intercept Hong Kong Ltd Raises Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Y Intercept Hong Kong Ltd boosted its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 23.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,378 shares of the semiconductor producer’s stock after purchasing an additional 1,960 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Silicon Motion Technology were worth $630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. FMR LLC boosted its holdings in Silicon Motion Technology by 27.7% in 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. boosted its holdings in Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after purchasing an additional 326,358 shares during the period. Millennium Management LLC boosted its holdings in Silicon Motion Technology by 15.3% in the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after purchasing an additional 105,084 shares during the period. Erste Asset Management GmbH bought a new position in Silicon Motion Technology in the 3rd quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Silicon Motion Technology by 36.4% in the 3rd 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 period. 78.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Craig Hallum cut their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Morgan Stanley cut 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 report on Monday, September 16th. Roth Mkm lowered their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. Susquehanna lowered their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st. Finally, StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Up 5.4 %

Shares of NASDAQ:SIMO opened at $59.32 on Friday. The stock has a market cap of $2.00 billion, a PE ratio of 22.47, a PEG ratio of 1.53 and a beta of 0.82. The company’s fifty day moving average is $55.57 and its 200 day moving average is $64.71. 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 issued its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. Sell-side analysts anticipate 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 given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s payout ratio is presently 75.38%.

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.