Gabelli Funds LLC Lowers Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Gabelli Funds LLC trimmed its holdings in Silicon Motion Technology Co. (NASDAQ:SIMOFree Report) by 8.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,392 shares of the semiconductor producer’s stock after selling 5,269 shares during the quarter. Gabelli Funds LLC owned 0.18% of Silicon Motion Technology worth $3,639,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SIMO. Parallel Advisors LLC boosted its stake in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares in the last quarter. CVA Family Office LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth about $65,000. Assetmark Inc. boosted its stake in shares of Silicon Motion Technology by 34.5% during the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after acquiring an additional 342 shares in the last quarter. Covestor Ltd boosted its stake in shares of Silicon Motion Technology by 76.9% during the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after acquiring an additional 777 shares in the last quarter. Finally, Avior Wealth Management LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth about $178,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SIMO shares. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research note on Monday, May 6th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. B. Riley upped their price target on shares of Silicon Motion Technology from $101.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Craig Hallum upped their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $59.00 to $88.00 in a research report on Monday, May 6th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $91.13.

Read Our Latest Stock Analysis on Silicon Motion Technology

Silicon Motion Technology Trading Down 1.4 %

SIMO stock opened at $82.54 on Friday. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 46.90, a PEG ratio of 0.78 and a beta of 0.89. Silicon Motion Technology Co. has a 12 month low of $49.50 and a 12 month high of $95.33. The firm has a 50-day moving average of $77.03 and a two-hundred day moving average of $69.60.

Silicon Motion Technology (NASDAQ:SIMOGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. As a group, equities analysts forecast that Silicon Motion Technology Co. will post 2.77 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th were issued a $0.50 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a yield of 2.42%. Silicon Motion Technology’s payout ratio is 113.07%.

About Silicon Motion Technology

(Free Report)

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.

See Also

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

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