Rhumbline Advisers Sells 2,137 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Rhumbline Advisers lowered its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 30.7% in the second quarter, Holdings Channel reports. The firm owned 4,823 shares of the semiconductor producer’s stock after selling 2,137 shares during the quarter. Rhumbline Advisers’ holdings in Silicon Motion Technology were worth $391,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Acadian Asset Management LLC grew its position in shares of Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after acquiring an additional 825,394 shares during the period. Farallon Capital Management LLC grew its position in shares of Silicon Motion Technology by 247.0% in the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after acquiring an additional 608,949 shares during the period. Reinhart Partners LLC. grew its position in shares of Silicon Motion Technology by 2.4% in the 2nd quarter. Reinhart Partners LLC. now owns 754,017 shares of the semiconductor producer’s stock valued at $61,068,000 after acquiring an additional 17,646 shares during the period. Kodai Capital Management LP bought a new position in shares of Silicon Motion Technology in the 4th quarter valued at about $44,073,000. Finally, Lord Abbett & CO. LLC bought a new position in shares of Silicon Motion Technology in the 1st quarter valued at about $53,676,000. Institutional investors own 78.02% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. B. Riley cut their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Morgan Stanley cut their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Finally, Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their target price for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Trading Up 7.7 %

Shares of NASDAQ:SIMO opened at $61.47 on Friday. The firm has a 50 day moving average of $62.39 and a 200-day moving average of $72.58. The stock has a market capitalization of $2.07 billion, a PE ratio of 34.93, a PEG ratio of 0.88 and a beta of 0.84. Silicon Motion Technology Co. has a 12 month low of $49.50 and a 12 month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.33 EPS. On average, research analysts predict that Silicon Motion Technology Co. will post 2.8 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s payout ratio is presently 113.07%.

Silicon Motion Technology 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.