131,300 Silicon Motion Technology Corporation $SIMO Shares Acquired by Schwartz Investment Counsel Inc.

Key Points

• Schwartz Investment Counsel increased its Silicon Motion stake by 48.6%, acquiring 131,300 shares to reach 401,300 shares valued at approximately $112.4 million. Institutional investors collectively own 78.02% of SIMO.
• Analysts maintain a generally positive outlook, with nine Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $332.57.
• Silicon Motion reported strong quarterly results, including $2.43 in earnings per share and $451 million in revenue, while raising its quarterly dividend from $0.50 to $0.575 per share.

Schwartz Investment Counsel Inc. increased its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 48.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 401,300 shares of the semiconductor producer's stock after acquiring an additional 131,300 shares during the quarter. Silicon Motion Technology makes up approximately 3.9% of Schwartz Investment Counsel Inc.'s holdings, making the stock its 4th biggest holding. Schwartz Investment Counsel Inc. owned approximately 1.18% of Silicon Motion Technology worth $112,364,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hawk Ridge Capital Management LP lifted its stake in shares of Silicon Motion Technology by 48.9% during the 1st quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer's stock worth $131,752,000 after purchasing an additional 385,568 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Silicon Motion Technology by 112.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer's stock valued at $47,802,000 after purchasing an additional 225,221 shares during the last quarter. AIGH Capital Management LLC acquired a new position in Silicon Motion Technology in the first quarter valued at $22,458,000. Tidal Investments LLC lifted its position in Silicon Motion Technology by 135.9% during the second quarter. Tidal Investments LLC now owns 116,620 shares of the semiconductor producer's stock worth $38,873,000 after buying an additional 67,178 shares during the period. Finally, Bank of America Corp DE lifted its position in Silicon Motion Technology by 33.2% during the first quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer's stock worth $27,442,000 after buying an additional 60,970 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SIMO. B. Riley Financial decreased their target price on shares of Silicon Motion Technology from $350.00 to $288.00 and set a "buy" rating on the stock in a research report on Friday, October 23rd. Susquehanna upped their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Weiss Ratings lowered Silicon Motion Technology from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 16th. Zacks Research downgraded Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Finally, Wall Street Zen downgraded Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of "Moderate Buy" and an average price target of $332.57.

Silicon Motion Technology Stock Up 7.9%

Shares of SIMO opened at $204.17 on Wednesday. The business's 50 day moving average is $250.60 and its two-hundred day moving average is $211.95. Silicon Motion Technology Corporation has a 52-week low of $79.76 and a 52-week high of $355.00. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 23.94 and a beta of 1.69.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. The business had revenue of $451.00 million for the quarter, compared to analysts' expectations of $403.41 million. During the same quarter last year, the company posted $0.69 earnings per share. The business's quarterly revenue was up 127.0% compared to the same quarter last year. On average, equities analysts expect that Silicon Motion Technology Corporation will post 10.60 earnings per share for the current fiscal year.

Silicon Motion Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be issued a $0.5750 dividend. This is a boost from Silicon Motion Technology's previous quarterly dividend of $0.50. This represents a $2.30 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, November 5th. Silicon Motion Technology's dividend payout ratio is currently 26.85%.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company's product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.

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