Cerity Partners LLC Purchases 8,298 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

Cerity Partners LLC raised its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 35.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,413 shares of the semiconductor producer’s stock after purchasing an additional 8,298 shares during the quarter. Cerity Partners LLC owned 0.09% of Silicon Motion Technology worth $1,588,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Parallel Advisors LLC raised its position in shares of Silicon Motion Technology by 61.8% during the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock worth $58,000 after acquiring an additional 440 shares during the last quarter. Menard Financial Group LLC bought a new position in shares of Silicon Motion Technology during the fourth quarter worth about $88,000. LRI Investments LLC grew its stake in 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 during the period. Farther Finance Advisors LLC grew its stake in Silicon Motion Technology by 66.8% during the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer’s stock worth $195,000 after purchasing an additional 1,529 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth approximately $208,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Stock Performance

SIMO stock opened at $74.67 on Tuesday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 26.76, a price-to-earnings-growth ratio of 11.85 and a beta of 0.85. The business’s 50 day moving average price is $68.64 and its two-hundred day moving average price is $57.19. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $76.77.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The business had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same period last year, the business posted $0.64 EPS. The company’s revenue was down 12.1% compared to the same quarter last year. Sell-side analysts forecast that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SIMO. Bank of America raised Silicon Motion Technology from a “neutral” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Wednesday, June 18th. Citigroup upgraded Silicon Motion Technology to a “buy” rating in a report on Wednesday, June 18th. Wedbush restated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Roth Capital raised their target price on Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 17th. Finally, B. Riley restated a “buy” rating and issued a $90.00 target price (up previously from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.89.

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.