Citigroup Inc. Trims Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Citigroup Inc. lessened its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 95.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,411 shares of the semiconductor producer's stock after selling 72,826 shares during the period. Citigroup Inc.'s holdings in Silicon Motion Technology were worth $175,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new stake in Silicon Motion Technology in the 4th quarter worth about $26,000. Signaturefd LLC grew its position in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer's stock worth $35,000 after purchasing an additional 444 shares in the last quarter. Quarry LP bought a new stake in Silicon Motion Technology in the 2nd quarter worth about $36,000. Barclays PLC bought a new stake in Silicon Motion Technology in the 4th quarter worth about $39,000. Finally, Assetmark Inc. bought a new stake in Silicon Motion Technology in the 3rd quarter worth about $51,000. Institutional investors and hedge funds own 78.02% of the company's stock.

Silicon Motion Technology Stock Performance

NASDAQ SIMO traded up $0.64 on Friday, hitting $76.94. The stock had a trading volume of 235,319 shares, compared to its average volume of 341,894. Silicon Motion Technology Co. has a 52-week low of $49.50 and a 52-week high of $95.33. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 48.70, a price-to-earnings-growth ratio of 4.20 and a beta of 0.84. The firm has a 50-day moving average of $69.72 and a 200-day moving average of $61.73.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. The firm had revenue of $202.38 million for the quarter, compared to analysts' expectations of $197.60 million. As a group, research analysts anticipate that Silicon Motion Technology Co. will post 2.62 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Tuesday, February 20th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Friday, February 16th. Silicon Motion Technology's dividend payout ratio is currently 125.95%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SIMO shares. Craig Hallum increased their target price on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Wednesday, February 7th. Wedbush reissued an "outperform" rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Thursday, February 8th. JPMorgan Chase & Co. increased their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an "overweight" rating in a research report on Thursday, February 8th. Needham & Company LLC reissued a "buy" rating and set a $75.00 target price on shares of Silicon Motion Technology in a research report on Monday, January 8th. Finally, B. Riley reissued a "buy" rating and set a $93.00 target price (up from $90.00) on shares of Silicon Motion Technology in a research report on Friday, March 15th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $85.00.

About Silicon Motion Technology

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.