Alpine Associates Management Inc. Reduces Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Alpine Associates Management Inc. trimmed its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 14.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 340,797 shares of the semiconductor producer's stock after selling 58,522 shares during the period. Alpine Associates Management Inc. owned approximately 1.01% of Silicon Motion Technology worth $20,700,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SIMO. Blue Trust Inc. raised its position in Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer's stock worth $44,000 after buying an additional 556 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Silicon Motion Technology during the 2nd quarter valued at $139,000. LRI Investments LLC bought a new position in shares of Silicon Motion Technology in the first quarter worth about $150,000. XTX Topco Ltd bought a new stake in shares of Silicon Motion Technology during the second quarter valued at approximately $220,000. Finally, Van ECK Associates Corp purchased a new position in shares of Silicon Motion Technology in the third quarter worth $151,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Performance

NASDAQ SIMO traded down $0.29 during trading hours on Wednesday, reaching $53.27. The stock had a trading volume of 133,339 shares, compared to its average volume of 373,378. The stock has a market cap of $1.79 billion, a P/E ratio of 20.29, a price-to-earnings-growth ratio of 1.39 and a beta of 0.84. Silicon Motion Technology Co. has a 52-week low of $50.50 and a 52-week high of $85.87. The stock has a fifty day moving average of $56.63 and a 200 day moving average of $67.45.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.85 by $0.07. The business had revenue of $212.40 million for 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 business's quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. On average, equities research analysts forecast that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, November 14th. Silicon Motion Technology's payout ratio is currently 75.38%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SIMO shares. Craig Hallum reduced their target price on 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 cut their target price on Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, September 16th. Susquehanna decreased their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a report on Friday, November 1st. Roth Mkm lowered their price objective on shares of 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. Finally, StockNews.com lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus 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.