Alpine Associates Management Inc. Purchases 3,600 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

Alpine Associates Management Inc. grew its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 334,305 shares of the semiconductor producer’s stock after purchasing an additional 3,600 shares during the period. Alpine Associates Management Inc.’s holdings in Silicon Motion Technology were worth $16,902,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in shares of Silicon Motion Technology by 61.8% in the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock valued at $58,000 after acquiring an additional 440 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Silicon Motion Technology by 79.3% in the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock valued at $84,000 after acquiring an additional 736 shares during the last quarter. Menard Financial Group LLC bought a new stake in shares of Silicon Motion Technology in the 4th quarter valued at about $88,000. LRI Investments LLC lifted its stake in shares of Silicon Motion Technology by 519.0% in the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock valued at $164,000 after acquiring an additional 2,543 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of Silicon Motion Technology by 66.8% in the 1st 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 during the last quarter. Institutional investors own 78.02% of the company’s stock.

Analyst Ratings Changes

SIMO has been the subject of a number of recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Susquehanna upped their price target on Silicon Motion Technology from $80.00 to $90.00 and gave the company a “positive” rating in a research report on Wednesday, July 23rd. Roth Capital upped their price target on Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Citigroup raised Silicon Motion Technology to a “buy” rating in a research report on Wednesday, June 18th. Finally, Bank of America raised Silicon Motion Technology from a “neutral” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.33.

Silicon Motion Technology Stock Performance

SIMO stock opened at $76.64 on Thursday. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 27.47, a price-to-earnings-growth ratio of 12.52 and a beta of 0.85. The business’s 50 day moving average price is $70.39 and its two-hundred day moving average price is $58.10. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $79.78.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.15. The company had revenue of $198.68 million for the quarter, compared to the consensus estimate of $180.40 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 EPS. Sell-side analysts forecast that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

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 paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.61%. Silicon Motion Technology’s payout ratio is currently 71.33%.

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.