Y Intercept Hong Kong Ltd Reduces Stock Position in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Y Intercept Hong Kong Ltd reduced its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 52.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,886 shares of the semiconductor producer's stock after selling 5,363 shares during the period. Y Intercept Hong Kong Ltd's holdings in Silicon Motion Technology were worth $247,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Parallel Advisors LLC grew its stake in Silicon Motion Technology by 61.8% during the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock valued at $58,000 after acquiring an additional 440 shares in the last quarter. Signaturefd LLC grew its stake in Silicon Motion Technology by 79.3% during the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after acquiring an additional 736 shares in the last quarter. Menard Financial Group LLC purchased a new position in Silicon Motion Technology during the fourth quarter valued at approximately $88,000. LRI Investments LLC grew its stake in Silicon Motion Technology by 519.0% during the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock valued at $164,000 after acquiring an additional 2,543 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Silicon Motion Technology by 66.8% during the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock valued at $195,000 after acquiring an additional 1,529 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of research reports. Susquehanna boosted their price target on shares of Silicon Motion Technology from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Friday. Needham & Company LLC boosted their price target on shares of Silicon Motion Technology from $65.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday. Roth Capital boosted their price target on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Citigroup raised shares of Silicon Motion Technology to a "buy" rating in a research note on Wednesday, June 18th. Finally, B. Riley reissued a "buy" rating and issued a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $87.78.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO traded down $0.12 during midday trading on Friday, reaching $76.42. 447,161 shares of the stock traded hands, compared to its average volume of 346,252. The company has a fifty day moving average of $70.87 and a 200 day moving average of $58.50. Silicon Motion Technology Corporation has a 12 month low of $37.21 and a 12 month high of $85.11. The stock has a market capitalization of $2.60 billion, a P/E ratio of 32.24, a PEG ratio of 12.35 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The semiconductor producer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.54 by $0.15. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.15%. The business had revenue of $198.68 million during the quarter, compared to analyst estimates of $180.40 million. During the same period in the prior year, the business earned $0.96 EPS. The company's revenue for the quarter was down 5.7% on a year-over-year basis. On average, analysts predict that Silicon Motion Technology Corporation will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 83.97%.

Silicon Motion Technology Company 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.