Wellington Management Group LLP Increases Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Wellington Management Group LLP grew its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 40.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 797,192 shares of the semiconductor producer’s stock after purchasing an additional 228,333 shares during the quarter. Wellington Management Group LLP owned about 2.37% of Silicon Motion Technology worth $43,088,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after purchasing an additional 484 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after acquiring an additional 883 shares during the period. Virtu Financial LLC acquired a new position in shares of Silicon Motion Technology during the 4th quarter valued at about $208,000. Choreo LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $209,000. Finally, TradeLink Capital LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth about $228,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 target price on shares of Silicon Motion Technology in a report on Friday, February 7th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Finally, StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Silicon Motion Technology has an average rating of “Moderate Buy” and a consensus target price of $80.63.

Silicon Motion Technology Trading Down 6.7 %

Shares of NASDAQ SIMO opened at $41.12 on Friday. The business’s fifty day simple moving average is $53.79 and its 200-day simple moving average is $54.97. Silicon Motion Technology Co. has a 12-month low of $39.50 and a 12-month high of $85.87. The stock has a market cap of $1.39 billion, a P/E ratio of 15.29, a PEG ratio of 1.36 and a beta of 0.71.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. On average, equities analysts forecast that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.00 annualized dividend and a dividend yield of 4.86%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 74.35%.

Silicon Motion Technology announced that its board has authorized a share buyback plan on Wednesday, February 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.