Kornitzer Capital Management Inc. KS cut its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO – Free Report) by 39.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,050 shares of the semiconductor producer’s stock after selling 16,935 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Silicon Motion Technology were worth $7,294,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CenterBook Partners LP increased its stake in Silicon Motion Technology by 20.7% in the 3rd quarter. CenterBook Partners LP now owns 7,930 shares of the semiconductor producer’s stock valued at $2,220,000 after buying an additional 1,361 shares during the period. Kestra Advisory Services LLC lifted its position in Silicon Motion Technology by 14.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 1,848 shares of the semiconductor producer’s stock worth $517,000 after buying an additional 232 shares in the last quarter. AIGH Capital Management LLC boosted its stake in shares of Silicon Motion Technology by 13.9% during the 3rd quarter. AIGH Capital Management LLC now owns 164,000 shares of the semiconductor producer’s stock valued at $45,920,000 after buying an additional 20,000 shares during the period. Kestra Private Wealth Services LLC acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at $228,000. Finally, Covestor Ltd boosted its stake in shares of Silicon Motion Technology by 34.1% during the 3rd quarter. Covestor Ltd now owns 1,243 shares of the semiconductor producer’s stock valued at $348,000 after buying an additional 316 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.
Silicon Motion Technology Trading Up 4.2%
Silicon Motion Technology stock opened at $162.76 on Friday. Silicon Motion Technology Corporation has a one year low of $79.76 and a one year high of $355.00. The company’s fifty day moving average price is $241.43 and its two-hundred day moving average price is $215.16. The company has a debt-to-equity ratio of 1.00, a current ratio of 5.68 and a quick ratio of 3.65. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 0.29 and a beta of 1.78.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $1.05. The company had revenue of $560.22 million during the quarter, compared to analysts’ expectations of $529.10 million. Silicon Motion Technology had a return on equity of 32.29% and a net margin of 19.36%. The business’s quarterly revenue was up 131.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. On average, analysts forecast that Silicon Motion Technology Corporation will post 10.20 earnings per share for the current fiscal year.
Silicon Motion Technology Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be issued a dividend of $0.5750 per share. This represents a $2.30 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Silicon Motion Technology’s previous quarterly dividend of $0.50. The ex-dividend date is Thursday, November 5th. Silicon Motion Technology’s dividend payout ratio is currently 24.68%.
Analyst Upgrades and Downgrades
Several research firms have recently commented on SIMO. Roth Capital restated a “buy” rating and set a $350.00 price target on shares of Silicon Motion Technology in a report on Thursday, July 30th. Craig Hallum reaffirmed a “buy” rating and issued a $325.00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. China Renaissance started coverage on Silicon Motion Technology in a report on Wednesday, October 28th. They set a “buy” rating and a $300.00 price objective for the company. B. Riley Financial reissued a “buy” rating and set a $310.00 price objective (up from $288.00) on shares of Silicon Motion Technology in a research report on Friday, October 30th. Finally, Needham & Company LLC lifted their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $331.25.
Check Out Our Latest Stock Analysis on Silicon Motion Technology
Silicon Motion Technology Company Profile
Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory.
The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.
Founded in 1995, Silicon Motion serves customers around the world, including storage-device manufacturers, module makers and electronics companies.
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