Neumeier Poma Investment Counsel LLC Increases Stock Position 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 position in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 94.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 approximately 1.9% of Neumeier Poma Investment Counsel LLC's investment portfolio, making the stock its 25th largest holding. Neumeier Poma Investment Counsel LLC owned 1.04% of Silicon Motion Technology worth $17,848,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. SG Capital Management LLC acquired a new stake in Silicon Motion Technology in the 4th quarter valued at about $15,006,000. Reinhart Partners LLC. lifted its position in Silicon Motion Technology by 20.1% during the first quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer's stock worth $68,979,000 after buying an additional 228,553 shares in the last quarter. Wellington Management Group LLP grew its holdings in Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after buying an additional 228,333 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after acquiring an additional 221,017 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after acquiring an additional 192,646 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO traded up $0.24 during trading on Monday, hitting $76.62. The stock had a trading volume of 54,940 shares, compared to its average volume of 439,325. The company has a market capitalization of $2.60 billion, a PE ratio of 32.33, a PEG ratio of 3.81 and a beta of 0.92. The firm has a fifty day moving average of $72.18 and a two-hundred day moving average of $59.35. 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 posted its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, beating 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 company had revenue of $198.68 million during the quarter, compared to analyst estimates of $180.40 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. On average, equities analysts expect 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. Shareholders of record on Thursday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 83.97%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Craig Hallum boosted their target price on Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Wedbush reissued an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $65.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Bank of America raised shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a report on Wednesday, June 18th. Finally, Roth Capital raised their price objective on shares of 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 stock. Based on data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of "Moderate Buy" and a consensus price target 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.