Naples Global Advisors LLC Has $1.12 Million Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Naples Global Advisors LLC lessened its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 1.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 20,725 shares of the semiconductor producer’s stock after selling 360 shares during the quarter. Naples Global Advisors LLC’s holdings in Silicon Motion Technology were worth $1,120,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SIMO. Erste Asset Management GmbH bought a new position in Silicon Motion Technology in the 3rd quarter valued at about $40,331,000. FMR LLC grew its position in shares of Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after purchasing an additional 485,862 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Silicon Motion Technology during the third quarter worth approximately $13,211,000. Lord Abbett & CO. LLC lifted its holdings in Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock worth $67,051,000 after purchasing an additional 196,609 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Silicon Motion Technology by 36.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock valued at $34,671,000 after purchasing an additional 152,467 shares during the period. Institutional investors own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SIMO shares. StockNews.com cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target on shares of Silicon Motion Technology in a research report on Friday, February 7th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Monday, December 23rd. Susquehanna lowered their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Finally, Craig Hallum dropped their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Silicon Motion Technology currently has an average rating of “Moderate Buy” and an average target price of $80.63.

Silicon Motion Technology Trading Up 1.8 %

Shares of Silicon Motion Technology stock opened at $55.28 on Friday. The company has a market cap of $1.86 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.34 and a beta of 0.79. The company has a 50 day moving average of $54.51 and a 200-day moving average of $56.99. Silicon Motion Technology Co. has a 1-year low of $48.81 and a 1-year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.59% and a net margin of 11.29%. Research analysts forecast that Silicon Motion Technology Co. will post 2.91 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th will be issued a $0.50 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.62%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 73.98%.

Silicon Motion Technology announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.