Barclays PLC Trims Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Barclays PLC trimmed its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 60.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,199 shares of the semiconductor producer’s stock after selling 1,833 shares during the period. Barclays PLC’s holdings in Silicon Motion Technology were worth $73,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SIMO. FMR LLC raised its stake in shares of Silicon Motion Technology by 27.7% during the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after acquiring an additional 485,862 shares in the last quarter. Reinhart Partners LLC. lifted its position 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 worth $65,622,000 after purchasing an additional 326,358 shares during the period. Millennium Management LLC increased its holdings in Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after buying an additional 105,084 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Silicon Motion Technology in the 3rd quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Silicon Motion Technology by 36.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock worth $34,671,000 after acquiring an additional 152,467 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SIMO has been the topic of a number of recent research reports. Needham & Company LLC dropped their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Susquehanna cut their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Morgan Stanley decreased their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology has an average rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $55.17 on Friday. Silicon Motion Technology Co. has a 12 month low of $50.50 and a 12 month high of $85.87. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 20.90, a price-to-earnings-growth ratio of 1.61 and a beta of 0.80. The firm’s fifty day moving average price is $54.91 and its 200 day moving average price is $61.41.

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

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.00 annualized dividend and a yield of 3.63%. Silicon Motion Technology’s dividend payout ratio is currently 75.76%.

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.