Cerity Partners LLC Increases Position in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Cerity Partners LLC boosted its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 35.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 31,413 shares of the semiconductor producer’s stock after acquiring an additional 8,298 shares during the quarter. Cerity Partners LLC owned about 0.09% of Silicon Motion Technology worth $1,588,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SIMO. Parallel Advisors LLC increased its holdings in Silicon Motion Technology by 61.8% in the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock valued at $58,000 after buying an additional 440 shares in the last quarter. Menard Financial Group LLC acquired a new position in Silicon Motion Technology during the fourth quarter worth $88,000. LRI Investments LLC increased its stake in shares of Silicon Motion Technology by 519.0% during the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock worth $164,000 after purchasing an additional 2,543 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Silicon Motion Technology by 66.8% in the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer’s stock valued at $195,000 after acquiring an additional 1,529 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Silicon Motion Technology in the fourth quarter worth approximately $208,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of recent analyst reports. Roth Capital increased their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Needham & Company LLC decreased their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Bank of America raised Silicon Motion Technology from a “neutral” rating to a “buy” rating and set a $90.00 target price for the company in a research report on Wednesday, June 18th. Finally, B. Riley reissued a “buy” rating and set a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.89.

Silicon Motion Technology Stock Up 1.8%

Shares of SIMO opened at $74.67 on Tuesday. The business has a 50-day simple moving average of $68.64 and a two-hundred day simple moving average of $57.19. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 11.85 and a beta of 0.85. Silicon Motion Technology Corporation has a 52 week low of $37.21 and a 52 week high of $76.77.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.16. The firm had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.64 EPS. On average, equities analysts anticipate that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.68%. Silicon Motion Technology’s dividend payout ratio is currently 71.33%.

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.