Perigon Wealth Management LLC Takes Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Perigon Wealth Management LLC purchased a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 8,414 shares of the semiconductor producer's stock, valued at approximately $431,000.

Several other hedge funds have also modified their holdings of the stock. Blue Trust Inc. grew its holdings in shares of Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after purchasing an additional 883 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Silicon Motion Technology by 0.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 85,265 shares of the semiconductor producer's stock valued at $4,609,000 after buying an additional 752 shares in the last quarter. FNY Investment Advisers LLC lifted its stake in Silicon Motion Technology by 65.1% during the fourth quarter. FNY Investment Advisers LLC now owns 9,000 shares of the semiconductor producer's stock valued at $486,000 after buying an additional 3,550 shares in the last quarter. Reinhart Partners LLC. boosted its stake in Silicon Motion Technology by 5.1% in the 4th quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock worth $61,387,000 after purchasing an additional 55,363 shares during the period. Finally, GAMMA Investing LLC raised its position in Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock valued at $47,000 after buying an additional 484 shares during the period. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of research analyst reports. Roth Mkm cut their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Tuesday, October 8th. Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Monday, December 23rd. StockNews.com raised Silicon Motion Technology from a "hold" rating to a "buy" rating in a report on Wednesday. Susquehanna reduced 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 note on Friday, November 1st. Finally, Needham & Company LLC lowered their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $81.67.

Silicon Motion Technology Price Performance

SIMO traded up $2.15 during trading on Wednesday, reaching $56.62. The company had a trading volume of 595,162 shares, compared to its average volume of 340,616. The company has a market cap of $1.91 billion, a P/E ratio of 21.45, a PEG ratio of 1.30 and a beta of 0.79. Silicon Motion Technology Co. has a 12 month low of $48.81 and a 12 month high of $85.87. The business's fifty day moving average price is $54.57 and its 200 day moving average price is $57.65.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. As a group, sell-side analysts predict that Silicon Motion Technology Co. will post 2.58 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Thursday, February 13th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Thursday, February 13th. Silicon Motion Technology's payout ratio is currently 75.38%.

Silicon Motion Technology declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

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.