Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Skylands Capital LLC

Skylands Capital LLC lowered its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 19.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,550 shares of the semiconductor producer's stock after selling 18,400 shares during the quarter. Skylands Capital LLC owned about 0.23% of Silicon Motion Technology worth $4,138,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Erste Asset Management GmbH acquired a new position in Silicon Motion Technology during the third quarter worth approximately $40,331,000. FMR LLC boosted 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 worth $136,032,000 after purchasing an additional 485,862 shares during the period. Oddo BHF Asset Management Sas purchased a new position in Silicon Motion Technology during the 3rd quarter worth $13,211,000. Lord Abbett & CO. LLC increased its stake in Silicon Motion Technology by 21.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer's stock valued at $67,051,000 after purchasing an additional 196,609 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Silicon Motion Technology by 36.4% in the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer's stock valued at $34,671,000 after buying an additional 152,467 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a "buy" rating and set a $70.00 price target on shares of Silicon Motion Technology in a report on Friday, February 7th. Susquehanna lowered their target price on Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating on the stock in a research note on Friday, November 1st. Wedbush restated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Monday, December 23rd. StockNews.com lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Finally, Craig Hallum cut their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.63.

Silicon Motion Technology Trading Down 0.9 %

Shares of SIMO traded down $0.52 during trading hours on Thursday, reaching $55.01. The company had a trading volume of 322,095 shares, compared to its average volume of 403,208. The firm has a 50 day simple moving average of $54.50 and a 200-day simple moving average of $56.61. Silicon Motion Technology Co. has a 12-month low of $48.81 and a 12-month high of $85.87. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 1.36 and a beta of 0.79.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Sell-side analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Thursday, February 13th will be paid a $0.50 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a yield of 3.64%. Silicon Motion Technology's payout ratio is 74.35%.

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

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.