Harbor Capital Advisors Inc. Has $7.79 Million Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Harbor Capital Advisors Inc. grew its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 95.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,299 shares of the semiconductor producer's stock after acquiring an additional 62,733 shares during the period. Harbor Capital Advisors Inc. owned about 0.38% of Silicon Motion Technology worth $7,793,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Diversified Trust Co bought a new position in Silicon Motion Technology during the first quarter worth about $277,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Silicon Motion Technology by 34.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,700 shares of the semiconductor producer's stock worth $362,000 after acquiring an additional 1,200 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Silicon Motion Technology in the 1st quarter valued at $547,000. BNP Paribas Financial Markets raised its stake in Silicon Motion Technology by 69.7% in the 1st quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer's stock valued at $646,000 after acquiring an additional 3,449 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings 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 valued at $6,437,000 after purchasing an additional 10,513 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SIMO has been the topic of several research analyst reports. Craig Hallum dropped their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday. Morgan Stanley lowered their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, September 16th. B. Riley cut their price objective on shares of Silicon Motion Technology from $112.00 to $95.00 and set a "buy" rating for the company in a research report on Monday, August 5th. Bank of America downgraded Silicon Motion Technology from a "buy" rating to an "underperform" rating and decreased their target price for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, Roth Mkm lowered their target price on Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Tuesday, October 8th. One 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.67.

Silicon Motion Technology Stock Performance

Shares of SIMO stock traded down $1.03 during trading on Friday, hitting $52.78. The company had a trading volume of 242,587 shares, compared to its average volume of 228,128. The firm has a market capitalization of $1.78 billion, a P/E ratio of 19.99, a price-to-earnings-growth ratio of 0.85 and a beta of 0.84. Silicon Motion Technology Co. has a one year low of $52.15 and a one year high of $85.87. The stock's 50-day moving average price is $58.37 and its 200 day moving average price is $69.14.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) 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 for the quarter, compared to analysts' expectations of $209.49 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 23.3% on a year-over-year basis. During the same quarter last year, the business earned $0.32 earnings per share. On average, research analysts anticipate that Silicon Motion Technology Co. will post 2.86 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Thursday, November 14th. This represents a $2.00 annualized dividend and a yield of 3.79%. Silicon Motion Technology's dividend payout ratio is currently 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.