Silicon Motion Technology Corporation (NASDAQ:SIMO) Position Increased by Heartland Advisors Inc.

Key Points

• Heartland Advisors Inc. increased its stake in Silicon Motion Technology by 0.8%, owning about 1.33% of the company, valued at approximately $22.79 million.
• Research analysts have shown a positive outlook for Silicon Motion Technology, with a consensus target price of $83.33 and most ratings being a "buy".
• Silicon Motion Technology announced a quarterly dividend of $0.50 per share, representing a yield of 2.71%, with the ex-dividend date set for August 7th.

Heartland Advisors Inc. boosted its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 450,755 shares of the semiconductor producer's stock after purchasing an additional 3,617 shares during the period. Silicon Motion Technology makes up about 1.3% of Heartland Advisors Inc.'s portfolio, making the stock its 7th biggest position. Heartland Advisors Inc. owned approximately 1.33% of Silicon Motion Technology worth $22,790,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of SIMO. Parallel Advisors LLC lifted its stake in 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 acquiring an additional 440 shares during the period. Signaturefd LLC lifted its stake in 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 acquiring an additional 736 shares during the period. Menard Financial Group LLC acquired a new stake in Silicon Motion Technology during the 4th quarter valued at approximately $88,000. LRI Investments LLC lifted its stake in 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 acquiring an additional 2,543 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in 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 acquiring an additional 1,529 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

Analysts Set New Price Targets

SIMO has been the subject of several research reports. Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Susquehanna lifted their price objective on shares of Silicon Motion Technology from $80.00 to $90.00 and gave the company a "positive" rating in a research note on Wednesday. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a research note on Wednesday, June 18th. Roth Capital lifted their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, B. Riley restated a "buy" rating and set a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.33.

Silicon Motion Technology Stock Up 0.9%

SIMO opened at $73.84 on Friday. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 11.83 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. The firm's fifty day simple moving average is $69.48 and its two-hundred day simple moving average is $57.52.

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

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, August 7th. Silicon Motion Technology's payout ratio is 71.33%.

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.

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