Raymond James & Associates Boosts Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Raymond James & Associates increased its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 8.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,741 shares of the semiconductor producer’s stock after buying an additional 2,416 shares during the quarter. Raymond James & Associates owned 0.09% of Silicon Motion Technology worth $2,121,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SIMO. Lord Abbett & CO. LLC boosted its holdings in shares of Silicon Motion Technology by 512.8% in the second quarter. Lord Abbett & CO. LLC now owns 1,154,766 shares of the semiconductor producer’s stock worth $74,021,000 after buying an additional 966,323 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Silicon Motion Technology by 150.7% in the second quarter. Millennium Management LLC now owns 1,313,142 shares of the semiconductor producer’s stock worth $84,172,000 after buying an additional 789,328 shares during the last quarter. Yiheng Capital Management L.P. lifted its holdings in Silicon Motion Technology by 33.0% during the second quarter. Yiheng Capital Management L.P. now owns 1,762,123 shares of the semiconductor producer’s stock valued at $112,952,000 after purchasing an additional 436,800 shares in the last quarter. Man Group plc lifted its holdings in Silicon Motion Technology by 20.1% during the second quarter. Man Group plc now owns 681,157 shares of the semiconductor producer’s stock valued at $43,662,000 after purchasing an additional 114,175 shares in the last quarter. Finally, Hodges Capital Management Inc. lifted its holdings in Silicon Motion Technology by 113.8% during the third quarter. Hodges Capital Management Inc. now owns 210,626 shares of the semiconductor producer’s stock valued at $14,529,000 after purchasing an additional 112,091 shares in the last quarter. 79.13% of the stock is currently owned by institutional investors.

Several equities analysts have weighed in on SIMO shares. Susquehanna Bancshares raised shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and lifted their price target for the company from $85.00 to $90.00 in a report on Friday, October 29th. Susquehanna raised shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and lifted their price target for the company from $85.00 to $90.00 in a report on Friday, October 29th. Cowen lifted their price target on shares of Silicon Motion Technology from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, December 7th. B. Riley lifted their price target on shares of Silicon Motion Technology from $125.00 to $130.00 in a report on Monday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 price target on shares of Silicon Motion Technology in a report on Thursday, December 9th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $99.22.

Silicon Motion Technology stock opened at $92.00 on Friday. The stock has a market cap of $3.21 billion, a P/E ratio of 22.89, a PEG ratio of 1.54 and a beta of 1.12. Silicon Motion Technology Co. has a 1 year low of $47.50 and a 1 year high of $96.89. The firm’s 50 day moving average price is $82.17 and its 200-day moving average price is $74.28.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 27th. The semiconductor producer reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.16. The firm had revenue of $254.24 million for the quarter, compared to analysts’ expectations of $250.45 million. Silicon Motion Technology had a net margin of 17.55% and a return on equity of 22.46%. The company’s revenue for the quarter was up 101.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 earnings per share. Sell-side analysts expect that Silicon Motion Technology Co. will post 5.56 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 24th. Investors of record on Wednesday, November 10th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Tuesday, November 9th. This is a boost from Silicon Motion Technology’s previous quarterly dividend of $0.35. Silicon Motion Technology’s payout ratio is currently 49.50%.

About Silicon Motion Technology

Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.

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Institutional Ownership by Quarter for Silicon Motion Technology (NASDAQ:SIMO)

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