ExodusPoint Capital Management LP lifted its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO – Free Report) by 48.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 290,895 shares of the semiconductor producer’s stock after acquiring an additional 95,095 shares during the period. ExodusPoint Capital Management LP’s holdings in Silicon Motion Technology were worth $20,904,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Raymond James & Associates increased its holdings in shares of Silicon Motion Technology by 28.4% in the 1st quarter. Raymond James & Associates now owns 20,668 shares of the semiconductor producer’s stock worth $1,381,000 after acquiring an additional 4,569 shares during the period. Citigroup Inc. increased its stake in Silicon Motion Technology by 1,076.4% during the 1st quarter. Citigroup Inc. now owns 20,151 shares of the semiconductor producer’s stock valued at $1,346,000 after buying an additional 18,438 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Silicon Motion Technology by 7.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,858 shares of the semiconductor producer’s stock worth $659,000 after buying an additional 700 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Silicon Motion Technology by 77.6% in the 1st quarter. BlackRock Inc. now owns 96,164 shares of the semiconductor producer’s stock worth $6,426,000 after acquiring an additional 42,017 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of Silicon Motion Technology by 5.7% in the first quarter. Sei Investments Co. now owns 183,327 shares of the semiconductor producer’s stock valued at $12,239,000 after acquiring an additional 9,964 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on SIMO. B. Riley cut their target price on Silicon Motion Technology from $107.00 to $59.00 in a research report on Thursday, July 27th. StockNews.com initiated coverage on Silicon Motion Technology in a report on Thursday, October 5th. They issued a “hold” rating for the company. Susquehanna lowered their target price on Silicon Motion Technology from $106.00 to $102.00 in a report on Friday, July 28th. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research note on Thursday, October 5th. Finally, Roth Mkm raised Silicon Motion Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $75.00 in a research report on Thursday, November 2nd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.33.
Silicon Motion Technology Trading Down 0.3 %
Silicon Motion Technology stock traded down $0.15 during trading hours on Monday, reaching $58.94. 88,007 shares of the company were exchanged, compared to its average volume of 626,467. Silicon Motion Technology Co. has a 12 month low of $49.50 and a 12 month high of $95.33. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 35.61, a PEG ratio of 5.78 and a beta of 0.81. The stock has a 50-day moving average of $54.29 and a 200 day moving average of $58.72.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last released its earnings results on Wednesday, November 1st. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $172.30 million during the quarter, compared to analyst estimates of $165.70 million. Silicon Motion Technology had a net margin of 8.68% and a return on equity of 7.34%. The business’s revenue was down 31.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 EPS. As a group, research analysts forecast that Silicon Motion Technology Co. will post 1.45 EPS for the current year.
Silicon Motion Technology Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Wednesday, November 15th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 119.88%.
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.
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