Silicon Motion Technology Co. (NASDAQ:SIMO) is 272 Capital LP’s 8th Largest Position

272 Capital LP increased its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 55.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 101,391 shares of the semiconductor producer’s stock after purchasing an additional 36,092 shares during the quarter. Silicon Motion Technology makes up approximately 3.2% of 272 Capital LP’s investment portfolio, making the stock its 8th largest position. 272 Capital LP’s holdings in Silicon Motion Technology were worth $6,158,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SIMO. Naples Global Advisors LLC grew its holdings in Silicon Motion Technology by 3.1% in the 2nd quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock valued at $1,410,000 after buying an additional 525 shares in the last quarter. Blue Trust Inc. grew its holdings in Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares in the last quarter. LRI Investments LLC grew its holdings in Silicon Motion Technology by 100.1% in the 2nd quarter. LRI Investments LLC now owns 3,987 shares of the semiconductor producer’s stock valued at $323,000 after buying an additional 1,994 shares in the last quarter. F M Investments LLC purchased a new stake in Silicon Motion Technology in the 2nd quarter valued at $12,718,000. Finally, Principal Financial Group Inc. grew its holdings in Silicon Motion Technology by 139.3% in the 2nd quarter. Principal Financial Group Inc. now owns 17,020 shares of the semiconductor producer’s stock valued at $1,378,000 after buying an additional 9,909 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on SIMO shares. Needham & Company LLC decreased their price target 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. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Susquehanna decreased their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Craig Hallum decreased their price target on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, Morgan Stanley decreased their price target 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 investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Price Performance

SIMO stock opened at $57.95 on Friday. The firm has a market capitalization of $1.95 billion, a P/E ratio of 21.31, a P/E/G ratio of 1.53 and a beta of 0.82. The business’s 50-day moving average is $55.61 and its two-hundred day moving average is $64.93. Silicon Motion Technology Co. has a 1 year low of $50.50 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted 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. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same quarter last year, the company earned $0.32 EPS. Silicon Motion Technology’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts expect 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. Stockholders of record on Thursday, November 14th were issued a $0.50 dividend. The ex-dividend date was Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.45%. Silicon Motion Technology’s payout ratio is currently 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.