Silicon Motion Technology Corporation $SIMO Shares Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its Silicon Motion stake by 39.4% in the third quarter, selling 16,935 shares and retaining 26,050 shares valued at about $7.3 million.
• Silicon Motion reported quarterly EPS of $4.35, above the $3.30 consensus estimate, while revenue rose 131.5% year over year to $560.2 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $331.25. The company also raised its quarterly dividend from $0.50 to $0.575 per share.

Kornitzer Capital Management Inc. KS cut its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 39.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 26,050 shares of the semiconductor producer's stock after selling 16,935 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.08% of Silicon Motion Technology worth $7,294,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Cooper Investors PTY Ltd. bought a new stake in shares of Silicon Motion Technology in the 2nd quarter worth $34,000. Reyes Financial Architecture Inc. bought a new position in Silicon Motion Technology during the third quarter valued at about $58,000. Strategic Investment Solutions Inc. IL bought a new position in Silicon Motion Technology during the second quarter valued at about $88,000. EverSource Wealth Advisors LLC boosted its stake in Silicon Motion Technology by 78.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer's stock valued at $130,000 after buying an additional 511 shares in the last quarter. Finally, IFP Advisors Inc acquired a new position in Silicon Motion Technology during the second quarter worth about $162,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on SIMO. Needham & Company LLC boosted their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Craig Hallum reissued a "buy" rating and issued a $325.00 price target on shares of Silicon Motion Technology in a report on Friday, July 31st. Wall Street Zen lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Saturday. China Renaissance started coverage on shares of Silicon Motion Technology in a research report on Wednesday, October 28th. They set a "buy" rating and a $300.00 price objective for the company. Finally, B. Riley Financial reaffirmed 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $331.25.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $162.76 on Friday. The company's fifty day moving average is $241.43 and its two-hundred day moving average is $215.16. The company has a quick ratio of 3.65, a current ratio of 5.68 and a debt-to-equity ratio of 1.00. Silicon Motion Technology Corporation has a 12-month low of $79.76 and a 12-month high of $355.00. The company has a market cap of $5.52 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 0.29 and a beta of 1.78.

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

Silicon Motion Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be paid a $0.5750 dividend. The ex-dividend date of this dividend is Thursday, November 5th. This represents a $2.30 annualized dividend and a yield of 1.4%. This is an increase from Silicon Motion Technology's previous quarterly dividend of $0.50. Silicon Motion Technology's dividend payout ratio (DPR) is currently 24.68%.

About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory.

The company's offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.

Founded in 1995, Silicon Motion serves customers around the world, including storage-device manufacturers, module makers and electronics companies.

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