Janney Montgomery Scott LLC Sells 844 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Janney Montgomery Scott LLC reduced its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 84,513 shares of the semiconductor producer’s stock after selling 844 shares during the period. Janney Montgomery Scott LLC’s holdings in Silicon Motion Technology were worth $5,133,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Acadian Asset Management LLC grew its holdings 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 in the last quarter. Reinhart Partners LLC. boosted its position in Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after purchasing an additional 326,358 shares during the last quarter. Farallon Capital Management LLC grew its stake in Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after purchasing an additional 608,949 shares in the last quarter. Millennium Management LLC increased its position in shares of Silicon Motion Technology by 15.3% during the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock worth $64,130,000 after purchasing an additional 105,084 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Silicon Motion Technology during the 1st quarter worth approximately $53,676,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Down 3.5 %

Silicon Motion Technology stock opened at $54.12 on Friday. The company’s 50-day moving average price is $57.54 and its two-hundred day moving average price is $68.53. The stock has a market cap of $1.82 billion, a P/E ratio of 20.50, a P/E/G ratio of 1.50 and a beta of 0.84. Silicon Motion Technology Co. has a twelve month low of $51.92 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. Equities 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.70%. Silicon Motion Technology’s payout ratio is presently 75.38%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley decreased 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. Craig Hallum decreased their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. B. Riley dropped their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Roth Mkm cut their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Finally, StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $81.67.

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.