Silicon Motion Technology Corporation $SIMO Stake Increased by Aberdeen Group plc

Key Points

• Aberdeen Group increased its Silicon Motion stake by 34,233.7% in the third quarter, ending the period with 489,599 shares worth about $137.1 million, or roughly 1.44% of the company.
• Silicon Motion reported quarterly EPS of $4.35, beating the $3.30 consensus estimate, while revenue rose 131.5% year over year to $560.2 million.
• The company raised its quarterly dividend from $0.50 to $0.575 per share. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $328.75.

Aberdeen Group plc increased its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 34,233.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 489,599 shares of the semiconductor producer's stock after buying an additional 488,173 shares during the period. Aberdeen Group plc owned about 1.44% of Silicon Motion Technology worth $137,088,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SIMO. Russell Investments Group Ltd. grew its position in Silicon Motion Technology by 29.5% during the third quarter. Russell Investments Group Ltd. now owns 259,378 shares of the semiconductor producer's stock worth $72,245,000 after buying an additional 59,032 shares during the period. Ritholtz Wealth Management acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $488,000. First Command Advisory Services Inc. lifted its position in shares of Silicon Motion Technology by 118.2% during the 3rd quarter. First Command Advisory Services Inc. now owns 1,615 shares of the semiconductor producer's stock valued at $452,000 after acquiring an additional 875 shares during the period. Bahl & Gaynor LLC boosted its stake in shares of Silicon Motion Technology by 19.5% during the 3rd quarter. Bahl & Gaynor LLC now owns 541,907 shares of the semiconductor producer's stock worth $151,734,000 after acquiring an additional 88,600 shares in the last quarter. Finally, Lido Advisors LLC boosted its stake in shares of Silicon Motion Technology by 26.8% during the 3rd quarter. Lido Advisors LLC now owns 2,046 shares of the semiconductor producer's stock worth $573,000 after acquiring an additional 433 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $169.45 on Friday. The company has a current ratio of 5.68, a quick ratio of 3.65 and a debt-to-equity ratio of 1.00. The company's 50-day moving average price is $234.74 and its 200 day moving average price is $216.66. Silicon Motion Technology Corporation has a 52 week low of $79.76 and a 52 week high of $355.00. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 0.32 and a beta of 1.78.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $529.10 million. During the same quarter in the previous year, the business posted $1.00 earnings per share. The firm's quarterly revenue was up 131.5% compared to the same quarter last year. As a group, research analysts forecast 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. Stockholders of record on Thursday, November 5th will be paid a dividend of $0.5750 per share. This is a positive change from Silicon Motion Technology's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Thursday, November 5th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 1.4%. Silicon Motion Technology's dividend payout ratio is 24.68%.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of research reports. Zacks Research cut Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a "buy" rating in a report 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. Susquehanna boosted their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Finally, Craig Hallum reissued a "buy" rating and issued a $325.00 target price on shares of Silicon Motion Technology in a report on Friday, July 31st. 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 currently has an average rating of "Moderate Buy" and a consensus target price of $328.75.

Silicon Motion Technology Profile

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.

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