Diametric Capital LP Buys 3,428 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Diametric Capital LP grew its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 52.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,007 shares of the semiconductor producer’s stock after purchasing an additional 3,428 shares during the quarter. Diametric Capital LP’s holdings in Silicon Motion Technology were worth $541,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SIMO. Cerity Partners LLC bought a new position in Silicon Motion Technology in the third quarter worth about $1,826,000. JPMorgan Chase & Co. raised its position in shares of Silicon Motion Technology by 21.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer’s stock worth $12,149,000 after acquiring an additional 35,741 shares in the last quarter. Perigon Wealth Management LLC bought a new position in shares of Silicon Motion Technology in the 4th quarter worth approximately $431,000. FMR LLC lifted its stake in shares of Silicon Motion Technology by 27.7% in the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after purchasing an additional 485,862 shares during the period. Finally, Stifel Financial Corp boosted its position in shares of Silicon Motion Technology by 30.3% during the third quarter. Stifel Financial Corp now owns 12,175 shares of the semiconductor producer’s stock valued at $739,000 after purchasing an additional 2,833 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SIMO has been the subject of several recent research reports. StockNews.com lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $70.00 price objective on shares of Silicon Motion Technology in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.63.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $50.56 on Tuesday. The firm has a market cap of $1.70 billion, a P/E ratio of 18.80, a P/E/G ratio of 1.36 and a beta of 0.71. The firm has a 50-day simple moving average of $54.30 and a two-hundred day simple moving average of $55.25. Silicon Motion Technology Co. has a fifty-two week low of $48.81 and a fifty-two 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 analysts’ consensus estimates 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 research analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Thursday, February 13th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.96%. The ex-dividend date was Thursday, February 13th. Silicon Motion Technology’s dividend payout ratio is currently 74.35%.

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