Silicon Motion Technology Co. (NASDAQ:SIMO) Short Interest Update

Silicon Motion Technology Co. (NASDAQ:SIMO) was the recipient of a significant decline in short interest in the month of June. As of June 30th, there was short interest totalling 671,400 shares, a decline of 29.9% from the June 15th total of 957,100 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average trading volume of 369,100 shares, the short-interest ratio is presently 1.8 days.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC raised its holdings in shares of Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares during the period. Alpine Associates Management Inc. grew its position in shares of Silicon Motion Technology by 0.3% during the 4th quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after buying an additional 3,300 shares during the last quarter. Farallon Capital Management LLC raised its stake in Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after acquiring an additional 608,949 shares during the period. Wellington Management Group LLP lifted its holdings in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock worth $41,989,000 after acquiring an additional 758,640 shares during the last quarter. Finally, Reinhart Partners LLC. boosted its stake in Silicon Motion Technology by 5.1% in the first quarter. Reinhart Partners LLC. now owns 736,371 shares of the semiconductor producer’s stock valued at $56,656,000 after acquiring an additional 35,623 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SIMO shares. Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Susquehanna upped their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research report on Monday, May 6th. B. Riley upped their price target on shares of Silicon Motion Technology from $109.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Craig Hallum upped their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $59.00 to $88.00 in a report on Monday, May 6th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $93.13.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO traded up $0.61 during trading on Friday, hitting $80.69. The company’s stock had a trading volume of 150,085 shares, compared to its average volume of 310,657. The company has a market capitalization of $2.72 billion, a PE ratio of 45.85, a PEG ratio of 0.75 and a beta of 0.86. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The stock’s 50-day moving average price is $80.01 and its two-hundred day moving average price is $73.63.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. The company had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. On average, equities analysts predict that Silicon Motion Technology will post 2.83 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend was Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

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.