Alpine Associates Management Inc. Raises Holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Key Points

• Alpine Associates Management Inc. increased its stake in Silicon Motion Technology by 1.1%, owning 334,305 shares valued at approximately $16.9 million.
• Silicon Motion Technology reported $0.69 earnings per share for the last quarter, exceeding expectations, while experiencing a 5.7% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.50 per share, representing a yield of 2.61%, with a payout ratio of 71.33%.

Alpine Associates Management Inc. lifted its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 334,305 shares of the semiconductor producer's stock after acquiring an additional 3,600 shares during the quarter. Alpine Associates Management Inc. owned approximately 0.98% of Silicon Motion Technology worth $16,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SIMO. Parallel Advisors LLC increased its holdings in shares of Silicon Motion Technology by 61.8% during the first 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 in the last quarter. Menard Financial Group LLC purchased a new position in shares of Silicon Motion Technology during the fourth quarter valued at approximately $88,000. Signaturefd LLC boosted its position in shares of Silicon Motion Technology by 79.3% during the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after buying an additional 736 shares during the last quarter. LRI Investments LLC boosted its position in Silicon Motion Technology by 519.0% in the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock worth $164,000 after purchasing an additional 2,543 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Silicon Motion Technology by 66.8% in the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock valued at $195,000 after buying an additional 1,529 shares during the period. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Price Performance

SIMO traded up $0.40 on Monday, reaching $76.82. 105,998 shares of the stock were exchanged, compared to its average volume of 444,347. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $85.11. The company's 50-day moving average price is $70.87 and its 200 day moving average price is $58.55. The firm has a market capitalization of $2.61 billion, a PE ratio of 32.35, a PEG ratio of 3.64 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.54 by $0.15. The company had revenue of $198.68 million during the quarter, compared to analyst estimates of $180.40 million. Silicon Motion Technology had a return on equity of 10.14% and a net margin of 10.36%. Silicon Motion Technology's quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.96 EPS. As a group, equities analysts forecast that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 83.97%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SIMO shares. Roth Capital increased their price objective 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 upgraded Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. Wedbush reiterated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. B. Riley reiterated a "buy" rating and issued a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Finally, Craig Hallum lifted their price objective on Silicon Motion Technology from $70.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Silicon Motion Technology presently has an average rating of "Moderate Buy" and a consensus target price of $87.78.

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.