Envestnet Asset Management Inc. Has $4.48 Million Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Envestnet Asset Management Inc. boosted its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 9.9% during the second quarter, Holdings Channel reports. The fund owned 55,312 shares of the semiconductor producer’s stock after acquiring an additional 4,963 shares during the period. Envestnet Asset Management Inc.’s holdings in Silicon Motion Technology were worth $4,480,000 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 stock. Acadian Asset Management LLC grew its holdings in Silicon Motion Technology by 161.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after acquiring an additional 825,394 shares during the last quarter. Farallon Capital Management LLC grew its holdings in Silicon Motion Technology by 247.0% during the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after acquiring an additional 608,949 shares during the last quarter. Reinhart Partners LLC. grew its holdings in Silicon Motion Technology by 2.4% during the 2nd quarter. Reinhart Partners LLC. now owns 754,017 shares of the semiconductor producer’s stock worth $61,068,000 after acquiring an additional 17,646 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in Silicon Motion Technology during the 1st quarter worth about $53,676,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Silicon Motion Technology by 615.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock valued at $19,379,000 after purchasing an additional 272,103 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $59.57 on Wednesday. The company’s 50 day simple moving average is $61.79 and its 200 day simple moving average is $72.43. Silicon Motion Technology Co. has a fifty-two week low of $50.43 and a fifty-two week high of $85.87. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 33.85, a PEG ratio of 0.97 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. During the same quarter last year, the firm earned $0.33 EPS. Silicon Motion Technology’s quarterly revenue was up 50.1% compared to the same quarter last year. As a group, analysts predict that Silicon Motion Technology Co. will post 2.8 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 3.36%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 113.07%.

Wall Street Analyst Weigh In

SIMO has been the topic of several recent research reports. B. Riley reduced their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Morgan Stanley reduced their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their target price for the company from $90.00 to $60.00 in a research note on Friday, August 16th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Finally, Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, Silicon Motion Technology currently has an average rating of “Moderate Buy” and an average price target of $85.00.

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.