Silicon Motion Technology Corporation (NASDAQ:SIMO) Holdings Trimmed by Allianz Asset Management GmbH

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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC raised its position in shares of Silicon Motion Technology by 35.9% in the 1st quarter. Cerity Partners LLC now owns 31,413 shares of the semiconductor producer's stock valued at $1,588,000 after purchasing an additional 8,298 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Silicon Motion Technology by 66.8% in the 1st quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock valued at $195,000 after purchasing an additional 1,529 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Silicon Motion Technology by 16.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,692 shares of the semiconductor producer's stock valued at $288,000 after purchasing an additional 785 shares in the last quarter. Sei Investments Co. raised its position in shares of Silicon Motion Technology by 7.1% during the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after acquiring an additional 3,875 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Silicon Motion Technology by 62.6% during the 4th quarter. First Trust Advisors LP now owns 62,117 shares of the semiconductor producer's stock valued at $3,357,000 after acquiring an additional 23,921 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SIMO shares. Craig Hallum upped their price target on Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday. Roth Capital upped their price target on Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Susquehanna upped their price target on Silicon Motion Technology from $90.00 to $95.00 and gave the company a "positive" rating in a research report on Friday. Citigroup raised Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. Finally, Bank of America raised Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Wednesday, June 18th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Silicon Motion Technology has an average rating of "Moderate Buy" and an average price target of $87.78.

Silicon Motion Technology Stock Up 0.1%

NASDAQ SIMO traded up $0.09 during trading hours on Monday, hitting $76.51. The company had a trading volume of 310,803 shares, compared to its average volume of 368,610. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $85.11. The business has a fifty day simple moving average of $70.87 and a 200-day simple moving average of $58.55. The firm has a market cap of $2.60 billion, a P/E ratio of 32.24, a price-to-earnings-growth ratio of 3.64 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its 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 return on equity of 10.14% and a net margin of 10.36%. The firm had revenue of $198.68 million for the quarter, compared to analyst estimates of $180.40 million. During the same period last year, the company earned $0.96 earnings per share. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. Equities analysts forecast that Silicon Motion Technology Corporation will post 3.08 EPS 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 paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.6%. 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.