Point72 Asset Management L.P. Sells 41,700 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Point72 Asset Management L.P. trimmed its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 57.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,500 shares of the semiconductor producer's stock after selling 41,700 shares during the quarter. Point72 Asset Management L.P. owned about 0.09% of Silicon Motion Technology worth $1,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of SIMO. Cerity Partners LLC purchased a new position in shares of Silicon Motion Technology during the 3rd quarter worth about $1,826,000. Harbor Capital Advisors Inc. increased its position in shares of Silicon Motion Technology by 95.7% in the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer's stock valued at $7,793,000 after buying an additional 62,733 shares in the last quarter. National Bank of Canada FI increased its position in shares of Silicon Motion Technology by 6,186.7% during the second quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer's stock worth $3,766,000 after purchasing an additional 46,400 shares in the last quarter. FMR LLC grew its holdings in Silicon Motion Technology by 27.7% in the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock valued at $136,032,000 after buying an additional 485,862 shares in the last quarter. Finally, Resolute Capital Asset Partners LLC lifted its position in Silicon Motion Technology by 44.4% in the second quarter. Resolute Capital Asset Partners LLC now owns 65,000 shares of the semiconductor producer's stock valued at $5,264,000 after buying an additional 20,000 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 1.5 %

Shares of SIMO traded down $0.87 during midday trading on Tuesday, reaching $56.16. The stock had a trading volume of 87,958 shares, compared to its average volume of 371,219. The firm has a 50 day simple moving average of $55.85 and a 200-day simple moving average of $65.21. The firm has a market cap of $1.89 billion, a PE ratio of 21.56, a P/E/G ratio of 1.55 and a beta of 0.82. Silicon Motion Technology Co. has a one year low of $50.50 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly 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. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. During the same period last year, the business posted $0.32 EPS. The business's revenue was up 23.3% compared to the same quarter last year. As a group, research analysts forecast that Silicon Motion Technology Co. will post 2.59 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology's dividend payout ratio (DPR) is presently 75.38%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. StockNews.com raised shares of Silicon Motion Technology from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Bank of America lowered shares of Silicon Motion Technology from a "buy" rating to an "underperform" rating and cut their price objective for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Craig Hallum reduced their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Wedbush reiterated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Finally, Roth Mkm reduced their target price on Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat, Silicon Motion Technology has a consensus rating of "Moderate Buy" and an average target price of $81.67.

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.