Massachusetts Financial Services Co. MA Has $31.79 Million Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Massachusetts Financial Services Co. MA decreased its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 523,426 shares of the semiconductor producer’s stock after selling 3,219 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Silicon Motion Technology were worth $31,793,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SIMO. Silvercrest Asset Management Group LLC acquired a new position in shares of Silicon Motion Technology in the first quarter valued at approximately $8,191,000. LRI Investments LLC bought a new position in Silicon Motion Technology during the 1st quarter worth $150,000. Farallon Capital Management LLC increased its stake 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 period. Harbor Capital Advisors Inc. increased its stake in Silicon Motion Technology by 273.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 65,566 shares of the semiconductor producer’s stock worth $5,310,000 after acquiring an additional 48,015 shares during the period. Finally, Naples Global Advisors LLC increased its stake in Silicon Motion Technology by 3.1% during the 2nd quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock worth $1,410,000 after acquiring an additional 525 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on SIMO shares. Craig Hallum lowered their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. Susquehanna decreased their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. B. Riley decreased their price target on 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. Finally, Morgan Stanley decreased their price target on 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Stock Up 1.6 %

NASDAQ SIMO opened at $55.81 on Tuesday. Silicon Motion Technology Co. has a twelve month low of $50.50 and a twelve month high of $85.87. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 1.49 and a beta of 0.84. The business’s fifty day moving average is $56.36 and its 200 day moving average is $66.93.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. During the same quarter last year, the business posted $0.32 EPS. Silicon Motion Technology’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, research analysts anticipate that Silicon Motion Technology Co. will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Thursday, November 14th. Silicon Motion Technology’s payout ratio is presently 75.76%.

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.