Chase Investment Counsel Corp Buys 955 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Chase Investment Counsel Corp increased its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 3.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,900 shares of the semiconductor producer’s stock after purchasing an additional 955 shares during the quarter. Chase Investment Counsel Corp owned approximately 0.09% of Silicon Motion Technology worth $2,502,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SIMO. Inspire Advisors LLC raised its stake in Silicon Motion Technology by 1.9% in the 2nd quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after acquiring an additional 249 shares during the period. Sei Investments Co. grew its stake in Silicon Motion Technology by 0.5% in the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock valued at $4,559,000 after buying an additional 257 shares in the last quarter. 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 valued at $34,000 after acquiring an additional 333 shares during the period. Naples Global Advisors LLC lifted its position in shares of Silicon Motion Technology by 3.1% during the second quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock worth $1,410,000 after acquiring an additional 525 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 556 shares during the period. 78.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of recent research reports. Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Morgan Stanley dropped their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. B. Riley decreased their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $85.00.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $60.59 on Monday. The business’s 50-day moving average is $62.10 and its 200 day moving average is $72.50. The stock has a market capitalization of $2.04 billion, a PE ratio of 34.43, a PEG ratio of 0.92 and a beta of 0.84. Silicon Motion Technology Co. has a 1 year low of $49.50 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The business had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 earnings per share. As a group, equities research analysts anticipate that Silicon Motion Technology Co. will post 2.8 earnings per share for the current 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. 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 payout ratio is 113.07%.

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.