Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Clearline Capital LP

Clearline Capital LP trimmed its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 16.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 144,369 shares of the semiconductor producer’s stock after selling 28,399 shares during the period. Clearline Capital LP owned about 0.43% of Silicon Motion Technology worth $11,692,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Parallel Advisors LLC raised its holdings in 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 buying an additional 333 shares during the period. Blue Trust Inc. raised its holdings in shares of Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 556 shares during the period. Assetmark Inc. lifted its position in shares of Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after acquiring an additional 342 shares in the last quarter. Barometer Capital Management Inc. acquired a new position in Silicon Motion Technology in the 4th quarter worth approximately $123,000. Finally, Headlands Technologies LLC purchased a new position in Silicon Motion Technology during the 2nd quarter worth approximately $139,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $60.59 on Friday. The firm has a market cap of $2.04 billion, a PE ratio of 34.43, a PEG ratio of 0.92 and a beta of 0.84. The firm’s 50 day moving average price is $62.10 and its 200 day moving average price is $72.50. Silicon Motion Technology Co. has a twelve month low of $49.50 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business had revenue of $210.67 million for the quarter, compared to the consensus estimate of $206.75 million. During the same quarter last year, the firm earned $0.33 EPS. Silicon Motion Technology’s revenue for the quarter was up 50.1% on a year-over-year basis. On average, sell-side analysts anticipate that Silicon Motion Technology Co. will post 2.8 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.30%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

Analysts Set New Price Targets

Several analysts have recently commented on SIMO shares. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. B. Riley decreased their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Needham & Company LLC upped their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Finally, Morgan Stanley dropped their price objective on shares of 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 analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Silicon Motion Technology Company 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.