F M Investments LLC Sells 1,217 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

F M Investments LLC cut its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 155,815 shares of the semiconductor producer’s stock after selling 1,217 shares during the quarter. F M Investments LLC owned 0.46% of Silicon Motion Technology worth $9,464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Lord Abbett & CO. LLC purchased a new position in shares of Silicon Motion Technology in the 1st quarter worth $53,676,000. M&G Plc bought a new position in shares of Silicon Motion Technology during the 1st quarter valued at approximately $6,304,000. Morse Asset Management Inc purchased a new stake in Silicon Motion Technology in the 1st quarter worth approximately $700,000. Janney Montgomery Scott LLC raised its stake in Silicon Motion Technology by 14.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock worth $6,437,000 after acquiring an additional 10,513 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Silicon Motion Technology during the first quarter valued at approximately $2,216,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SIMO. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. B. Riley lowered their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Susquehanna reduced their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday. Needham & Company LLC reduced their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a report on Friday. Finally, Morgan Stanley cut their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

SIMO stock traded down $1.03 during midday trading on Friday, reaching $52.78. The company’s stock had a trading volume of 242,587 shares, compared to its average volume of 228,128. The stock has a fifty day simple moving average of $58.37 and a two-hundred day simple moving average of $69.20. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 0.85 and a beta of 0.84. Silicon Motion Technology Co. has a 1 year low of $52.15 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The company had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a return on equity of 11.72% and a net margin of 10.90%. Silicon Motion Technology’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 earnings per share. As a group, analysts forecast that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is 75.38%.

Silicon Motion Technology 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.