State Street Corp Sells 26,804 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

State Street Corp reduced its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 33.0% in the third quarter, Holdings Channel reports. The fund owned 54,537 shares of the semiconductor producer’s stock after selling 26,804 shares during the quarter. State Street Corp’s holdings in Silicon Motion Technology were worth $3,313,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Erste Asset Management GmbH purchased a new stake in Silicon Motion Technology during the third quarter valued at $40,331,000. FMR LLC raised its position in shares of Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares in the last quarter. Reinhart Partners LLC. lifted its holdings in shares of Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after acquiring an additional 326,358 shares during the last quarter. AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology in the 2nd quarter valued at about $22,272,000. Finally, Hood River Capital Management LLC purchased a new position in Silicon Motion Technology in the second quarter worth about $21,208,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on SIMO. Needham & Company LLC lowered their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Susquehanna cut their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research report on Friday, November 1st. Roth Mkm decreased their price target on 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, Morgan Stanley reduced their target price 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 and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $54.60 on Tuesday. The company has a market cap of $1.84 billion, a PE ratio of 20.68, a P/E/G ratio of 1.61 and a beta of 0.82. Silicon Motion Technology Co. has a 52-week low of $50.50 and a 52-week high of $85.87. The firm’s 50 day moving average price is $55.08 and its 200-day moving average price is $62.71.

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

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.66%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s payout ratio is 75.76%.

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.