National Bank of Canada FI Boosts Holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Key Points

• National Bank of Canada FI significantly increased its stake in Silicon Motion Technology Corporation by over 10,000% in the first quarter, now holding approximately 0.22% of the company valued at $3.85 million.
• Despite a decline in year-over-year revenue, Silicon Motion Technology reported better-than-expected earnings of $0.69 per share for the latest quarter, surpassing analyst estimates.
• The company declared a quarterly dividend of $0.50 per share, resulting in an annualized yield of 2.7%, with a notable payout ratio of 83.97%.

National Bank of Canada FI lifted its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 10,053.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 76,150 shares of the semiconductor producer's stock after buying an additional 75,400 shares during the quarter. National Bank of Canada FI owned approximately 0.22% of Silicon Motion Technology worth $3,850,000 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 raised its position 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 valued at $58,000 after buying an additional 440 shares in the last quarter. Menard Financial Group LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter valued at about $88,000. 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 valued at $84,000 after buying an additional 736 shares in the last quarter. LRI Investments LLC raised its position 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. Finally, Farther Finance Advisors LLC raised its position 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. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Trading Down 2.4%

Shares of SIMO traded down $1.81 during mid-day trading on Friday, hitting $73.67. The company's stock had a trading volume of 185,354 shares, compared to its average volume of 357,601. The company's 50-day moving average is $73.19 and its 200-day moving average is $60.14. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $85.11. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 3.68 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.15. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.14%. The firm had revenue of $198.68 million during the quarter, compared to analysts' expectations of $180.40 million. During the same quarter in the prior year, the company earned $0.96 EPS. The company's revenue was down 5.7% compared to the same quarter last year. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio is presently 83.97%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SIMO. B. Riley reiterated a "buy" rating and set a $90.00 price target (up from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Susquehanna upped their price target on shares of Silicon Motion Technology from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday, August 1st. Roth Capital upped their price target on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Wedbush restated 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, Craig Hallum upped their target price on shares of Silicon Motion Technology from $70.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. One 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 a consensus rating of "Moderate Buy" and an average target price of $87.78.

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.