Silicon Motion Technology Corporation $SIMO Shares Bought by AIGH Capital Management LLC

Key Points

• AIGH Capital Management increased its Silicon Motion stake by 13.9%, buying 20,000 shares to hold 164,000 shares worth about $45.9 million at the latest filing.
• Analysts maintain a “Moderate Buy” consensus, with 10 Buy ratings and one Hold rating and an average price target of $331.25.
• Silicon Motion beat quarterly earnings and revenue expectations, with revenue up 131.5% year over year; it also raised its quarterly dividend from $0.50 to $0.575 per share.

AIGH Capital Management LLC lifted its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 13.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 164,000 shares of the semiconductor producer's stock after buying an additional 20,000 shares during the period. Silicon Motion Technology comprises approximately 4.6% of AIGH Capital Management LLC's investment portfolio, making the stock its 5th biggest position. AIGH Capital Management LLC owned approximately 0.48% of Silicon Motion Technology worth $45,920,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Cooper Investors PTY Ltd. acquired a new position in Silicon Motion Technology in the 2nd quarter worth about $34,000. Reyes Financial Architecture Inc. bought a new stake in shares of Silicon Motion Technology during the third quarter worth about $58,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Silicon Motion Technology during the second quarter worth about $88,000. IFP Advisors Inc acquired a new position in shares of Silicon Motion Technology in the second quarter valued at approximately $162,000. Finally, Pinnacle Wealth Planning Services Inc. boosted its position in Silicon Motion Technology by 33.5% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 658 shares of the semiconductor producer's stock worth $184,000 after buying an additional 165 shares during the period. Institutional investors and hedge funds own 78.02% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on SIMO. Roth Capital reissued a "buy" rating and issued a $350.00 price target on shares of Silicon Motion Technology in a research note on Thursday, July 30th. China Renaissance started coverage on Silicon Motion Technology in a report on Wednesday, October 28th. They set a "buy" rating and a $300.00 price objective for the company. Zacks Research downgraded shares of Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Craig Hallum reaffirmed a "buy" rating and set a $325.00 target price on shares of Silicon Motion Technology in a research report on Friday, July 31st. Finally, B. Riley Financial reiterated a "buy" rating and issued a $310.00 price objective (up from $288.00) on shares of Silicon Motion Technology in a research note on Friday, October 30th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Silicon Motion Technology has an average rating of "Moderate Buy" and a consensus price target of $331.25.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $156.27 on Friday. The firm has a market cap of $5.30 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 0.33 and a beta of 1.78. The company has a quick ratio of 3.65, a current ratio of 5.68 and a debt-to-equity ratio of 1.00. The company's 50 day moving average is $243.28 and its 200-day moving average is $214.92. Silicon Motion Technology Corporation has a 12-month low of $79.76 and a 12-month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The semiconductor producer reported $4.35 EPS for the quarter, topping the consensus estimate of $3.30 by $1.05. Silicon Motion Technology had a net margin of 19.36% and a return on equity of 32.29%. The company had revenue of $560.22 million during the quarter, compared to the consensus estimate of $529.10 million. During the same period last year, the firm earned $1.00 EPS. Silicon Motion Technology's revenue for the quarter was up 131.5% on a year-over-year basis. Sell-side analysts predict that Silicon Motion Technology Corporation will post 10.20 earnings per share for the current year.

Silicon Motion Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be issued a dividend of $0.5750 per share. This represents a $2.30 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Thursday, November 5th. This is a boost from Silicon Motion Technology's previous quarterly dividend of $0.50. Silicon Motion Technology's payout ratio is presently 21.44%.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company's product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.

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