Acadian Asset Management LLC Decreases Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Acadian Asset Management LLC lessened its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 0.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,333,441 shares of the semiconductor producer’s stock after selling 3,007 shares during the period. Acadian Asset Management LLC owned about 3.96% of Silicon Motion Technology worth $107,948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. New York State Common Retirement Fund raised its position in Silicon Motion Technology by 18.3% in the fourth quarter. New York State Common Retirement Fund now owns 19,327 shares of the semiconductor producer’s stock valued at $1,184,000 after purchasing an additional 2,992 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Silicon Motion Technology by 3,282.3% during the 4th quarter. Russell Investments Group Ltd. now owns 71,807 shares of the semiconductor producer’s stock valued at $4,386,000 after buying an additional 69,684 shares during the period. National Bank of Canada FI lifted its position in Silicon Motion Technology by 11,946.7% during the 4th quarter. National Bank of Canada FI now owns 90,350 shares of the semiconductor producer’s stock worth $5,389,000 after acquiring an additional 89,600 shares in the last quarter. Jump Financial LLC boosted its holdings in Silicon Motion Technology by 85.5% in the 4th quarter. Jump Financial LLC now owns 48,276 shares of the semiconductor producer’s stock worth $2,958,000 after acquiring an additional 22,250 shares during the period. Finally, Boston Partners acquired a new stake in Silicon Motion Technology in the fourth quarter valued at approximately $493,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Down 2.7 %

Shares of NASDAQ:SIMO opened at $56.92 on Friday. The company has a market cap of $1.92 billion, a PE ratio of 32.34, a P/E/G ratio of 0.93 and a beta of 0.84. Silicon Motion Technology Co. has a fifty-two week low of $49.50 and a fifty-two week high of $85.87. The firm has a 50-day simple moving average of $68.85 and a 200 day simple moving average of $73.86.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The company had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. During the same period in the prior year, the company earned $0.33 earnings per share. The business’s revenue was up 50.1% compared to the same quarter last year. As a group, research analysts forecast that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SIMO. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their target price for the company from $90.00 to $60.00 in a research note on Friday, August 16th. StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Friday. Needham & Company LLC increased their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, B. Riley dropped their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average price target of $87.56.

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.