Envestnet Asset Management Inc. Purchases 40,981 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

Envestnet Asset Management Inc. increased its position in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 77.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,821 shares of the semiconductor producer's stock after acquiring an additional 40,981 shares during the quarter. Envestnet Asset Management Inc. owned about 0.28% of Silicon Motion Technology worth $4,744,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Parallel Advisors LLC lifted its position in 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 purchasing an additional 440 shares during the last quarter. Menard Financial Group LLC purchased a new position in Silicon Motion Technology during the 4th quarter valued at $88,000. LRI Investments LLC boosted its holdings in shares of Silicon Motion Technology by 519.0% during the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock valued at $164,000 after buying an additional 2,543 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Silicon Motion Technology by 66.8% during the 1st 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 in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Silicon Motion Technology during the 4th quarter valued at $208,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Down 1.4%

Silicon Motion Technology stock traded down $1.04 during midday trading on Friday, hitting $72.80. The stock had a trading volume of 216,405 shares, compared to its average volume of 287,374. The firm's fifty day moving average is $69.48 and its two-hundred day moving average is $57.52. The company has a market capitalization of $2.47 billion, a PE ratio of 26.09, a P/E/G ratio of 11.94 and a beta of 0.85. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $76.77.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The company's quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 EPS. As a group, equities research analysts predict that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders 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 dividend on an annualized basis and a yield of 2.75%. Silicon Motion Technology's payout ratio is 71.33%.

Analysts Set New Price Targets

A number of analysts have recently commented on SIMO shares. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a report on Wednesday, June 18th. Susquehanna upped their price target on shares of Silicon Motion Technology from $80.00 to $90.00 and gave the stock a "positive" rating in a research note on Wednesday. Needham & Company LLC dropped their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, B. Riley reiterated a "buy" rating and issued a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Silicon Motion Technology has an average rating of "Moderate Buy" and an average price target 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.