Lord Abbett & CO. LLC Boosts Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Lord Abbett & CO. LLC grew its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 21.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,103,913 shares of the semiconductor producer's stock after acquiring an additional 196,609 shares during the period. Lord Abbett & CO. LLC owned about 3.28% of Silicon Motion Technology worth $67,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Erste Asset Management GmbH bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $40,331,000. FMR LLC lifted its stake in Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock valued at $136,032,000 after acquiring an additional 485,862 shares during the period. Reinhart Partners LLC. boosted its stake in Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer's stock worth $65,622,000 after buying an additional 326,358 shares during the last quarter. AIGH Capital Management LLC acquired a new position in shares of Silicon Motion Technology during the second quarter worth $22,272,000. Finally, Hood River Capital Management LLC purchased a new position in Silicon Motion Technology in the second quarter valued at $21,208,000. 78.02% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SIMO. Needham & Company LLC lowered their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, November 1st. StockNews.com downgraded Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Wednesday. Susquehanna cut their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating on the stock in a report on Friday, November 1st. Craig Hallum lowered their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Finally, Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.67.

Silicon Motion Technology Stock Up 5.4 %

NASDAQ SIMO traded up $3.05 during mid-day trading on Friday, hitting $59.32. The stock had a trading volume of 316,070 shares, compared to its average volume of 327,003. The company has a 50 day simple moving average of $55.57 and a 200 day simple moving average of $64.62. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 22.47, a P/E/G ratio of 1.61 and a beta of 0.82. Silicon Motion Technology Co. has a 52-week low of $50.50 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating 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 net margin of 10.90% and a return on equity of 11.52%. The company's quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 earnings per share. As a group, equities analysts anticipate that Silicon Motion Technology Co. will post 2.59 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

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

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.