Y Intercept Hong Kong Ltd Acquires 1,960 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Y Intercept Hong Kong Ltd lifted its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 23.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,378 shares of the semiconductor producer’s stock after acquiring an additional 1,960 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Silicon Motion Technology were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. XTX Topco Ltd raised its position in shares of Silicon Motion Technology by 73.9% in the 3rd quarter. XTX Topco Ltd now owns 4,715 shares of the semiconductor producer’s stock worth $286,000 after acquiring an additional 2,003 shares in the last quarter. Stifel Financial Corp raised its position in shares of Silicon Motion Technology by 30.3% in the 3rd quarter. Stifel Financial Corp now owns 12,175 shares of the semiconductor producer’s stock worth $739,000 after acquiring an additional 2,833 shares in the last quarter. Systematic Financial Management LP raised its position in shares of Silicon Motion Technology by 28.0% in the 3rd quarter. Systematic Financial Management LP now owns 494,328 shares of the semiconductor producer’s stock worth $30,025,000 after acquiring an additional 108,096 shares in the last quarter. Polar Asset Management Partners Inc. increased its position in Silicon Motion Technology by 18.3% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 180,000 shares of the semiconductor producer’s stock valued at $10,933,000 after buying an additional 27,900 shares in the last quarter. Finally, IHT Wealth Management LLC increased its position in Silicon Motion Technology by 30.9% in the 3rd quarter. IHT Wealth Management LLC now owns 6,221 shares of the semiconductor producer’s stock valued at $378,000 after buying an additional 1,468 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SIMO has been the subject of a number of research analyst reports. Roth Mkm decreased their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Craig Hallum decreased their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Needham & Company LLC cut their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Trading Up 5.4 %

Silicon Motion Technology stock opened at $59.32 on Friday. Silicon Motion Technology Co. has a 12 month low of $50.50 and a 12 month high of $85.87. The business’s 50 day simple moving average is $55.57 and its 200 day simple moving average is $64.71. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 1.53 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating the consensus estimate 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 business had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities research 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 business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s payout ratio is currently 75.38%.

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.