272 Capital LP Has $6.16 Million Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

272 Capital LP raised its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 55.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,391 shares of the semiconductor producer's stock after acquiring an additional 36,092 shares during the period. Silicon Motion Technology comprises approximately 3.2% of 272 Capital LP's investment portfolio, making the stock its 8th largest holding. 272 Capital LP owned 0.30% of Silicon Motion Technology worth $6,158,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in shares of Silicon Motion Technology by 0.6% during the 3rd quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer's stock valued at $2,060,000 after acquiring an additional 197 shares during the period. Inspire Advisors LLC grew its holdings in Silicon Motion Technology by 1.9% during the second quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer's stock valued at $1,059,000 after purchasing an additional 249 shares during the period. Advisors Asset Management Inc. increased its position in Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer's stock worth $27,000 after buying an additional 251 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Silicon Motion Technology by 0.7% in the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer's stock valued at $2,183,000 after buying an additional 253 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Silicon Motion Technology by 0.5% during the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer's stock valued at $4,559,000 after buying an additional 257 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Wednesday. Needham & Company LLC reduced their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Bank of America downgraded 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 research report on Friday, August 16th. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Finally, Susquehanna decreased their price target on Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating on the stock in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Silicon Motion Technology has an average rating of "Moderate Buy" and an average target price of $81.67.

Silicon Motion Technology Price Performance

NASDAQ SIMO traded up $3.05 during trading hours on Friday, reaching $59.32. 316,027 shares of the stock traded hands, compared to its average volume of 371,049. The stock has a 50 day simple moving average of $55.61 and a two-hundred day simple moving average of $64.93. Silicon Motion Technology Co. has a 1 year low of $50.50 and a 1 year high of $85.87. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 22.47, a price-to-earnings-growth ratio of 1.53 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share 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 the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. Silicon Motion Technology's quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. On average, sell-side analysts forecast that Silicon Motion Technology Co. will post 2.59 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology's dividend payout ratio is presently 75.38%.

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.