Silicon Motion Technology Co. (NASDAQ:SIMO) Position Trimmed by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. trimmed its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 29.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 91,043 shares of the semiconductor producer’s stock after selling 37,256 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Silicon Motion Technology were worth $4,921,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in Silicon Motion Technology by 129.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after buying an additional 251 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after acquiring an additional 484 shares in the last quarter. Blue Trust Inc. boosted its position in Silicon Motion Technology by 139.5% during the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock valued at $83,000 after purchasing an additional 795 shares during the last quarter. Headlands Technologies LLC purchased a new position in Silicon Motion Technology in the second quarter valued at about $139,000. Finally, XTX Topco Ltd acquired a new position in Silicon Motion Technology in the 2nd quarter worth about $220,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $52.96 on Friday. The business’s 50-day simple moving average is $54.91 and its 200-day simple moving average is $61.24. Silicon Motion Technology Co. has a 52 week low of $50.50 and a 52 week high of $85.87. The firm has a market capitalization of $1.78 billion, a PE ratio of 20.06, a PEG ratio of 1.61 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share. Research analysts forecast that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 3.78%. Silicon Motion Technology’s payout ratio is 75.76%.

Analyst Upgrades and Downgrades

SIMO has been the subject of several recent research reports. Roth Mkm lowered their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Susquehanna decreased their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. Craig Hallum cut their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Morgan Stanley decreased their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Needham & Company LLC cut 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, November 1st. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.67.

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.