Neumeier Poma Investment Counsel LLC Grows Stock Holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Key Points

• Neumeier Poma Investment Counsel LLC increased its holdings in Silicon Motion Technology by 94.3%, owning 353,015 shares worth approximately $17.8 million.
• Several hedge funds, including Parallel Advisors LLC and Farther Finance Advisors LLC, also significantly boosted their positions in Silicon Motion Technology in the first quarter.
• Analysts have generally rated Silicon Motion Technology as a "buy," with target prices ranging from $90.00 to $100.00, reflecting positive sentiment in the market.

Neumeier Poma Investment Counsel LLC boosted its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 94.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 353,015 shares of the semiconductor producer's stock after buying an additional 171,350 shares during the period. Silicon Motion Technology makes up 1.9% of Neumeier Poma Investment Counsel LLC's investment portfolio, making the stock its 25th biggest holding. Neumeier Poma Investment Counsel LLC owned approximately 1.04% of Silicon Motion Technology worth $17,848,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Parallel Advisors LLC grew 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 purchasing an additional 440 shares in the last quarter. Signaturefd LLC increased its stake in Silicon Motion Technology by 79.3% in the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after acquiring an additional 736 shares during the last quarter. Menard Financial Group LLC bought a new position in Silicon Motion Technology in the fourth quarter valued at $88,000. LRI Investments LLC increased its stake 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 valued at $164,000 after acquiring an additional 2,543 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in 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 acquiring an additional 1,529 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Needham & Company LLC increased their target price on Silicon Motion Technology from $65.00 to $90.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Craig Hallum upped their price target on shares of Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target for the company in a research report on Wednesday, June 18th. Finally, Wedbush restated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.78.

Silicon Motion Technology Trading Up 2.4%

Shares of NASDAQ:SIMO opened at $76.59 on Thursday. The company has a market cap of $2.60 billion, a price-to-earnings ratio of 32.32, a price-to-earnings-growth ratio of 3.73 and a beta of 0.92. The company has a 50-day moving average price of $71.64 and a 200-day moving average price of $58.96. Silicon Motion Technology Corporation has a 12 month low of $37.21 and a 12 month high of $85.11.

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

Silicon Motion Technology Dividend Announcement

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

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.

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