Wellington Management Group LLP Has $34.55 Million Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Wellington Management Group LLP reduced its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 26.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 568,859 shares of the semiconductor producer's stock after selling 200,352 shares during the quarter. Wellington Management Group LLP owned about 1.69% of Silicon Motion Technology worth $34,552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stifel Financial Corp grew its stake in shares of Silicon Motion Technology by 30.3% during the 3rd quarter. Stifel Financial Corp now owns 12,175 shares of the semiconductor producer's stock worth $739,000 after purchasing an additional 2,833 shares during the period. Systematic Financial Management LP raised its holdings in shares of Silicon Motion Technology by 28.0% during the 3rd quarter. Systematic Financial Management LP now owns 494,328 shares of the semiconductor producer's stock worth $30,025,000 after acquiring an additional 108,096 shares during the period. Polar Asset Management Partners Inc. raised its holdings in shares of Silicon Motion Technology by 18.3% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 180,000 shares of the semiconductor producer's stock worth $10,933,000 after acquiring an additional 27,900 shares during the period. IHT Wealth Management LLC raised its holdings in shares of Silicon Motion Technology by 30.9% during the 3rd quarter. IHT Wealth Management LLC now owns 6,221 shares of the semiconductor producer's stock worth $378,000 after acquiring an additional 1,468 shares during the period. Finally, HighTower Advisors LLC raised its holdings in shares of 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 period. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

Shares of SIMO stock traded up $3.15 during trading hours on Friday, reaching $59.42. The company had a trading volume of 186,646 shares, compared to its average volume of 370,448. Silicon Motion Technology Co. has a twelve month low of $50.50 and a twelve month high of $85.87. The company has a market capitalization of $2.00 billion, a P/E ratio of 21.31, a price-to-earnings-growth ratio of 1.53 and a beta of 0.82. The stock's fifty day simple moving average is $55.61 and its 200 day simple moving average is $64.93.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating 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 analyst estimates of $209.49 million. During the same quarter last year, the firm earned $0.32 EPS. Silicon Motion Technology's quarterly revenue was up 23.3% on a year-over-year basis. As a group, equities analysts expect that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SIMO. Wedbush reissued an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Roth Mkm dropped their target price 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. Susquehanna dropped their target price on Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a research report on Friday, November 1st. Bank of America downgraded Silicon Motion Technology from a "buy" rating to an "underperform" rating and dropped their target price for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, Craig Hallum lowered their price objective on 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of "Moderate Buy" and a consensus price target 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.