Allianz Asset Management GmbH Sells 19,716 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

Key Points

• Allianz Asset Management GmbH reduced its stake in Silicon Motion Technology by 61.7%, owning 12,257 shares valued at $620,000 after selling 19,716 shares during the 1st quarter.
• Several institutional investors increased their positions, with Reinhart Partners LLC raising their stake by 20.1% to over $68.9 million, indicating growing confidence in the company.
• Silicon Motion reported a quarterly earnings increase to $0.69 EPS, surpassing estimates and revealing a revenue of $198.68 million, though down 5.7% from the same quarter last year.

Allianz Asset Management GmbH lessened its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 61.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 12,257 shares of the semiconductor producer's stock after selling 19,716 shares during the period. Allianz Asset Management GmbH's holdings in Silicon Motion Technology were worth $620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Reinhart Partners LLC. grew its position in shares of Silicon Motion Technology by 20.1% during the 1st 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. Lord Abbett & CO. LLC raised its stake in shares of Silicon Motion Technology by 20.0% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after purchasing an additional 221,017 shares during the last quarter. Invesco Ltd. raised its stake in shares of Silicon Motion Technology by 22.8% in the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Silicon Motion Technology by 40.1% in the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock worth $43,088,000 after purchasing an additional 228,333 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Silicon Motion Technology by 33.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock worth $41,263,000 after purchasing an additional 192,603 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on SIMO shares. Citigroup raised Silicon Motion Technology to a "buy" rating in a report on Wednesday, June 18th. B. Riley reissued a "buy" rating and issued a $90.00 target price (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $65.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Wedbush restated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Craig Hallum raised their price target on 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 equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Silicon Motion Technology presently has an average rating of "Moderate Buy" and a consensus price target of $87.78.

Silicon Motion Technology Stock Up 2.2%

Shares of SIMO traded up $1.63 during mid-day trading on Wednesday, reaching $76.39. The company's stock had a trading volume of 127,686 shares, compared to its average volume of 443,460. Silicon Motion Technology Corporation has a 1 year low of $37.21 and a 1 year high of $85.11. The company has a market cap of $2.60 billion, a price-to-earnings ratio of 32.30, a price-to-earnings-growth ratio of 3.64 and a beta of 0.92. The business has a fifty day moving average of $71.35 and a 200 day moving average of $58.84.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.54 by $0.15. The firm had revenue of $198.68 million for 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 business's quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.96 earnings per share. On average, analysts predict that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 83.97%.

About Silicon Motion Technology

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.