Skylands Capital LLC Sells 7,900 Shares of Silicon Motion Technology Corporation $SIMO

Key Points

• Skylands Capital reduced its Silicon Motion Technology stake by 23.1% in the third quarter, selling 7,900 shares and retaining 26,314 shares worth approximately $7.37 million. Institutional investors and hedge funds collectively own 78.02% of SIMO.
• Analyst sentiment remains positive, with nine analysts rating SIMO a Buy and one a Hold. The stock has an average “Moderate Buy” rating and a consensus price target of $341.43.
• Silicon Motion reported quarterly EPS of $2.43, topping estimates by $0.30, while revenue rose 127% year over year to $451 million. The company also raised its quarterly dividend to $0.575 per share, implying a 1.0% annual yield.

Skylands Capital LLC trimmed its position in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 23.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,314 shares of the semiconductor producer's stock after selling 7,900 shares during the quarter. Skylands Capital LLC owned approximately 0.08% of Silicon Motion Technology worth $7,368,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SIMO. Assetmark Inc. lifted its stake in Silicon Motion Technology by 2.3% during the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer's stock worth $316,000 after purchasing an additional 63 shares during the last quarter. Cooper Investors PTY Ltd. acquired a new position in Silicon Motion Technology in the second quarter worth $34,000. Stronghold Wealth Management L.L.C. boosted its holdings in Silicon Motion Technology by 17.8% in the third quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer's stock worth $207,000 after purchasing an additional 112 shares during the period. Hardy Reed LLC increased its stake in Silicon Motion Technology by 3.4% during the first quarter. Hardy Reed LLC now owns 5,010 shares of the semiconductor producer's stock valued at $563,000 after purchasing an additional 166 shares during the last quarter. Finally, Allworth Financial LP increased its stake in Silicon Motion Technology by 26.4% during the second quarter. Allworth Financial LP now owns 834 shares of the semiconductor producer's stock valued at $278,000 after purchasing an additional 174 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Zacks Research cut shares of Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Weiss Ratings downgraded shares of Silicon Motion Technology from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 16th. Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Wall Street Zen downgraded shares of Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Susquehanna boosted their price objective on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a "positive" rating in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $341.43.

Silicon Motion Technology Trading Up 4.0%

Shares of NASDAQ SIMO opened at $222.30 on Thursday. The company has a market cap of $7.54 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 0.38 and a beta of 1.69. Silicon Motion Technology Corporation has a 12-month low of $79.76 and a 12-month high of $355.00. The stock's 50 day simple moving average is $256.16 and its 200 day simple moving average is $251.19.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%. The business's revenue for the quarter was up 127.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 EPS. As a group, equities analysts forecast that Silicon Motion Technology Corporation will post 10.60 earnings per share for the current fiscal 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 paid a $0.5750 dividend. The ex-dividend date is Thursday, November 5th. This is a positive change from Silicon Motion Technology's previous quarterly dividend of $0.50. This represents a $2.30 dividend on an annualized basis and a yield of 1.0%. Silicon Motion Technology's dividend payout ratio (DPR) is 26.96%.

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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