Silicon Motion Technology Co. (NASDAQ:SIMO) Stock Position Lowered by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd lowered its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 38.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 222,297 shares of the semiconductor producer’s stock after selling 139,206 shares during the quarter. Silicon Motion Technology accounts for approximately 1.2% of Melqart Asset Management UK Ltd’s investment portfolio, making the stock its 25th largest position. Melqart Asset Management UK Ltd owned approximately 0.66% of Silicon Motion Technology worth $13,502,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SIMO. Cerity Partners LLC bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at about $1,826,000. Harbor Capital Advisors Inc. boosted its holdings in Silicon Motion Technology by 95.7% during the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock worth $7,793,000 after buying an additional 62,733 shares in the last quarter. National Bank of Canada FI grew its position in Silicon Motion Technology by 6,186.7% in the second quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer’s stock worth $3,766,000 after buying an additional 46,400 shares during the last quarter. Resolute Capital Asset Partners LLC increased its holdings in shares of Silicon Motion Technology by 44.4% in the second quarter. Resolute Capital Asset Partners LLC now owns 65,000 shares of the semiconductor producer’s stock valued at $5,264,000 after buying an additional 20,000 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Silicon Motion Technology by 41.9% during the 2nd quarter. Renaissance Technologies LLC now owns 113,879 shares of the semiconductor producer’s stock valued at $9,223,000 after acquiring an additional 33,600 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Morgan Stanley decreased their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Tuesday. Roth Mkm dropped their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. Finally, Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Up 5.9 %

SIMO stock opened at $57.16 on Wednesday. The company has a 50 day moving average of $56.12 and a two-hundred day moving average of $65.84. 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 cap of $1.93 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.47 and a beta of 0.82.

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

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.50%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s payout ratio is presently 75.38%.

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.