Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Renaissance Group LLC

Renaissance Group LLC lessened its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,183 shares of the semiconductor producer’s stock after selling 1,650 shares during the quarter. Renaissance Group LLC owned 0.11% of Silicon Motion Technology worth $2,064,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after purchasing an additional 484 shares during the last quarter. Blue Trust Inc. grew its stake in Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after buying an additional 883 shares during the last quarter. Choreo LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter valued at $209,000. Virtu Financial LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter valued at $208,000. Finally, HighTower Advisors LLC grew its position in shares of Silicon Motion Technology by 27.8% during the third 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. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SIMO shares. Needham & Company LLC reissued a “buy” rating and set a $70.00 target price on shares of Silicon Motion Technology in a research note on Friday, February 7th. StockNews.com lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.63.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $38.97 on Wednesday. The company’s 50 day moving average price is $53.12 and its 200 day moving average price is $54.65. The company has a market capitalization of $1.31 billion, a PE ratio of 14.49, a PEG ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 52 week low of $37.00 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. On average, equities analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date was Thursday, February 13th. Silicon Motion Technology’s dividend payout ratio is 74.35%.

Silicon Motion Technology announced that its board has authorized a stock buyback program on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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.