Massachusetts Financial Services Co. MA Buys 61,213 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

Massachusetts Financial Services Co. MA raised its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 757,506 shares of the semiconductor producer's stock after acquiring an additional 61,213 shares during the period. Massachusetts Financial Services Co. MA owned about 2.25% of Silicon Motion Technology worth $38,300,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SIMO. Boston Partners boosted its stake in shares of Silicon Motion Technology by 47.3% during the fourth quarter. Boston Partners now owns 311,402 shares of the semiconductor producer's stock valued at $16,831,000 after purchasing an additional 100,033 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter valued at about $208,000. Sei Investments Co. boosted its stake in shares of Silicon Motion Technology by 7.1% during the fourth quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after purchasing an additional 3,875 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Silicon Motion Technology by 34.3% during the fourth quarter. LPL Financial LLC now owns 7,643 shares of the semiconductor producer's stock valued at $413,000 after purchasing an additional 1,950 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in shares of Silicon Motion Technology by 95.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 16,090 shares of the semiconductor producer's stock valued at $870,000 after purchasing an additional 7,840 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Bank of America raised 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. Needham & Company LLC cut their price objective on 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. B. Riley reaffirmed a "buy" rating and issued a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Citigroup raised Silicon Motion Technology to a "buy" rating in a research note on Wednesday, June 18th. Finally, Roth Capital lifted their price objective on Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and an average target price of $83.89.

Silicon Motion Technology Stock Up 0.2%

SIMO traded up $0.16 during trading on Friday, hitting $73.32. The company's stock had a trading volume of 188,870 shares, compared to its average volume of 382,618. Silicon Motion Technology Corporation has a twelve month low of $37.21 and a twelve month high of $77.00. The stock's fifty day moving average price is $68.29 and its 200-day moving average price is $57.02. The firm has a market capitalization of $2.49 billion, a P/E ratio of 26.28, a PEG ratio of 11.83 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 earnings per share. Equities research analysts expect that Silicon Motion Technology Corporation will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

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 of this dividend is Thursday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.73%. Silicon Motion Technology's dividend payout ratio is 71.33%.

Silicon Motion Technology 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.