ARGA Investment Management LP decreased its holdings in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 17.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,746,731 shares of the semiconductor producer’s stock after selling 357,940 shares during the quarter. Silicon Motion Technology accounts for approximately 13.2% of ARGA Investment Management LP’s holdings, making the stock its 4th biggest holding. ARGA Investment Management LP owned 4.84% of Silicon Motion Technology worth $93,799,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Pitcairn Co. bought a new position in shares of Silicon Motion Technology in the 2nd quarter valued at about $201,000. A.R.T. Advisors LLC acquired a new stake in shares of Silicon Motion Technology in the first quarter valued at approximately $213,000. FNY Investment Advisers LLC bought a new position in shares of Silicon Motion Technology in the second quarter valued at $285,000. Weil Company Inc. bought a new position in shares of Silicon Motion Technology in the second quarter valued at $311,000. Finally, OppenheimerFunds Inc. bought a new position in shares of Silicon Motion Technology in the second quarter valued at $396,000. Institutional investors own 74.95% of the company’s stock.
A number of equities analysts have commented on the stock. ValuEngine cut shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Saturday. Morgan Stanley reaffirmed an “equal weight” rating on shares of Silicon Motion Technology in a research note on Thursday, August 2nd. BidaskClub downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 22nd. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, August 1st. Finally, KeyCorp boosted their target price on Silicon Motion Technology from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, July 5th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. Silicon Motion Technology currently has a consensus rating of “Hold” and a consensus price target of $58.25.
Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 EPS for the quarter, topping the consensus estimate of $0.88 by $0.07. Silicon Motion Technology had a return on equity of 15.97% and a net margin of 15.28%. The business had revenue of $138.60 million during the quarter, compared to the consensus estimate of $137.36 million. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue was up 9.0% compared to the same quarter last year. On average, equities research analysts predict that Silicon Motion Technology Corp. will post 3.12 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be paid a $0.30 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.20 annualized dividend and a yield of 3.26%. Silicon Motion Technology’s dividend payout ratio is currently 56.94%.
Silicon Motion Technology Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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