Gabelli Funds LLC Decreases Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Gabelli Funds LLC cut its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 19.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,950 shares of the semiconductor producer’s stock after selling 11,442 shares during the quarter. Gabelli Funds LLC owned about 0.14% of Silicon Motion Technology worth $3,689,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Keeley Teton Advisors LLC lifted its holdings in Silicon Motion Technology by 12.9% during the first quarter. Keeley Teton Advisors LLC now owns 23,576 shares of the semiconductor producer’s stock worth $1,814,000 after buying an additional 2,701 shares during the period. Roubaix Capital LLC raised its holdings in shares of Silicon Motion Technology by 7.0% during the first quarter. Roubaix Capital LLC now owns 45,732 shares of the semiconductor producer’s stock worth $3,519,000 after purchasing an additional 2,989 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Silicon Motion Technology by 161.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after buying an additional 825,394 shares during the last quarter. M&G Plc acquired a new position in Silicon Motion Technology in the first quarter valued at approximately $6,304,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Silicon Motion Technology in the 1st quarter valued at $53,676,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Up 2.0 %

Shares of SIMO traded up $1.40 during midday trading on Friday, reaching $70.08. 625,503 shares of the company were exchanged, compared to its average volume of 310,213. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 39.82, a P/E/G ratio of 0.63 and a beta of 0.86. Silicon Motion Technology Co. has a 1-year low of $49.50 and a 1-year high of $85.87. The stock has a 50-day moving average price of $79.62 and a 200-day moving average price of $74.39.

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. The company had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. Equities research analysts anticipate that Silicon Motion Technology Co. will post 2.84 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.85%. The ex-dividend date is Thursday, August 8th. Silicon Motion Technology’s payout ratio is 113.07%.

Analysts Set New Price Targets

Several analysts have recently issued reports on SIMO shares. Craig Hallum lifted their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Susquehanna boosted their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research note on Monday, May 6th. B. Riley lifted their target price on Silicon Motion Technology from $109.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Wedbush reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Finally, Morgan Stanley raised shares of 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 data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $93.13.

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.