Melqart Asset Management UK Ltd Has $13.50 Million Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Melqart Asset Management UK Ltd cut its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 38.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 222,297 shares of the semiconductor producer's stock after selling 139,206 shares during the quarter. Silicon Motion Technology comprises 1.2% of Melqart Asset Management UK Ltd's holdings, making the stock its 25th biggest position. Melqart Asset Management UK Ltd owned approximately 0.66% of Silicon Motion Technology worth $13,502,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. IHT Wealth Management LLC grew its position in shares of Silicon Motion Technology by 30.9% in the 3rd quarter. IHT Wealth Management LLC now owns 6,221 shares of the semiconductor producer's stock valued at $378,000 after purchasing an additional 1,468 shares during the period. HighTower Advisors LLC boosted its position in Silicon Motion Technology by 27.8% during the 3rd quarter. HighTower Advisors LLC now owns 3,954 shares of the semiconductor producer's stock worth $240,000 after acquiring an additional 861 shares during the last quarter. Clearline Capital LP boosted its position in Silicon Motion Technology by 30.8% during the 3rd quarter. Clearline Capital LP now owns 188,842 shares of the semiconductor producer's stock worth $11,470,000 after acquiring an additional 44,473 shares during the last quarter. Erste Asset Management GmbH acquired a new position in Silicon Motion Technology during the 3rd quarter worth approximately $40,331,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Silicon Motion Technology by 45.2% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 12,200 shares of the semiconductor producer's stock worth $741,000 after acquiring an additional 3,800 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on SIMO shares. Roth Mkm reduced their price target on 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. StockNews.com raised Silicon Motion Technology from a "hold" rating to a "buy" rating in a report on Tuesday. Bank of America downgraded 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 report on Friday, August 16th. Susquehanna cut their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a report on Friday, November 1st. Finally, Needham & Company LLC cut their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $81.67.

Silicon Motion Technology Trading Down 1.7 %

SIMO stock traded down $0.96 during trading hours on Wednesday, hitting $56.20. 386,834 shares of the stock were exchanged, compared to its average volume of 374,036. The firm has a market capitalization of $1.89 billion, a P/E ratio of 21.65, a P/E/G ratio of 1.47 and a beta of 0.82. The company has a 50-day simple moving average of $56.12 and a two-hundred day simple moving average of $65.84. Silicon Motion Technology Co. has a 12 month low of $50.50 and a 12 month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.07. The company 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%. Silicon Motion Technology's quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 EPS. On average, equities research analysts predict that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend 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%.

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.