Silicon Motion Technology Corporation (NASDAQ:SIMO) Shares Sold by Wedbush Securities Inc.

Wedbush Securities Inc. reduced its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 10.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,009 shares of the semiconductor producer’s stock after selling 700 shares during the quarter. Wedbush Securities Inc.’s holdings in Silicon Motion Technology were worth $304,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its holdings in Silicon Motion Technology by 7.2% during the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock valued at $214,000 after acquiring an additional 267 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Silicon Motion Technology by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 36,248 shares of the semiconductor producer’s stock valued at $1,959,000 after purchasing an additional 300 shares during the last quarter. Twinbeech Capital LP grew its position in shares of Silicon Motion Technology by 4.2% in the fourth quarter. Twinbeech Capital LP now owns 10,773 shares of the semiconductor producer’s stock valued at $582,000 after purchasing an additional 438 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock worth $58,000 after purchasing an additional 440 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Silicon Motion Technology by 79.3% during the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock worth $84,000 after purchasing an additional 736 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Price Performance

SIMO opened at $72.80 on Monday. Silicon Motion Technology Corporation has a 12 month low of $37.21 and a 12 month high of $76.77. The business has a 50-day moving average of $69.67 and a two-hundred day moving average of $57.67. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 26.09, a price-to-earnings-growth ratio of 11.77 and a beta of 0.85.

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

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.75%. Silicon Motion Technology’s payout ratio is 71.33%.

Analyst Ratings Changes

A number of brokerages have commented on SIMO. B. Riley reiterated a “buy” rating and set a $90.00 target price (up previously from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Needham & Company LLC reduced their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Susquehanna lifted their price objective on Silicon Motion Technology from $80.00 to $90.00 and gave the stock a “positive” rating in a research report on Wednesday, July 23rd. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Bank of America raised shares of Silicon Motion Technology from a “neutral” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Wednesday, June 18th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $83.33.

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.