Raymond James & Associates Grows Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Raymond James & Associates raised its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 8.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,741 shares of the semiconductor producer’s stock after buying an additional 2,416 shares during the quarter. Raymond James & Associates’ holdings in Silicon Motion Technology were worth $2,121,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SIMO. Advisor Group Holdings Inc. lifted its position in shares of Silicon Motion Technology by 10.3% during the second quarter. Advisor Group Holdings Inc. now owns 7,307 shares of the semiconductor producer’s stock valued at $469,000 after buying an additional 681 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Silicon Motion Technology by 109.9% during the second quarter. HighTower Advisors LLC now owns 12,611 shares of the semiconductor producer’s stock valued at $804,000 after buying an additional 6,603 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Silicon Motion Technology by 82.9% during the second quarter. Rockefeller Capital Management L.P. now owns 21,736 shares of the semiconductor producer’s stock valued at $1,393,000 after buying an additional 9,853 shares during the last quarter. Employees Retirement System of Texas acquired a new position in shares of Silicon Motion Technology during the second quarter valued at about $67,000. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Silicon Motion Technology by 512.8% during the second quarter. Lord Abbett & CO. LLC now owns 1,154,766 shares of the semiconductor producer’s stock valued at $74,021,000 after acquiring an additional 966,323 shares in the last quarter. 79.13% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:SIMO opened at $92.00 on Friday. Silicon Motion Technology Co. has a twelve month low of $47.50 and a twelve month high of $96.89. The company’s 50 day moving average is $82.17 and its 200 day moving average is $74.28. The company has a market cap of $3.21 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 1.54 and a beta of 1.12.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, October 27th. The semiconductor producer reported $1.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.54 by $0.16. Silicon Motion Technology had a net margin of 17.55% and a return on equity of 22.46%. The company had revenue of $254.24 million for the quarter, compared to the consensus estimate of $250.45 million. During the same quarter in the prior year, the company earned $0.70 EPS. Silicon Motion Technology’s quarterly revenue was up 101.7% on a year-over-year basis. On average, research analysts anticipate that Silicon Motion Technology Co. will post 5.56 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 24th. Shareholders of record on Wednesday, November 10th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Tuesday, November 9th. This is a positive change from Silicon Motion Technology’s previous quarterly dividend of $0.35. Silicon Motion Technology’s dividend payout ratio is currently 49.50%.

Several equities analysts have recently issued reports on SIMO shares. Cowen upped their price objective on shares of Silicon Motion Technology from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, December 7th. Needham & Company LLC restated a “buy” rating and set a $115.00 price objective on shares of Silicon Motion Technology in a report on Thursday, December 9th. Susquehanna upgraded shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and upped their price objective for the company from $85.00 to $90.00 in a report on Friday, October 29th. Susquehanna Bancshares upgraded shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and upped their price objective for the company from $85.00 to $90.00 in a report on Friday, October 29th. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating and set a $75.00 price objective on the stock. in a report on Wednesday, September 29th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $99.22.

About Silicon Motion Technology

Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.

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Institutional Ownership by Quarter for Silicon Motion Technology (NASDAQ:SIMO)

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