Silicon Motion Technology Corporation $SIMO Stock Acquired by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. increased its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 48.6% in the third quarter, Holdings Channel reports. The firm owned 401,300 shares of the semiconductor producer’s stock after purchasing an additional 131,300 shares during the quarter. Silicon Motion Technology accounts for 3.9% of Schwartz Investment Counsel Inc.’s holdings, making the stock its 4th biggest holding. Schwartz Investment Counsel Inc.’s holdings in Silicon Motion Technology were worth $112,364,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SIMO. Cooper Investors PTY Ltd. acquired a new stake in Silicon Motion Technology during the second quarter valued at approximately $34,000. Reyes Financial Architecture Inc. bought a new position in Silicon Motion Technology during the 3rd quarter worth approximately $58,000. Strategic Investment Solutions Inc. IL bought a new position in Silicon Motion Technology during the 2nd quarter worth approximately $88,000. EverSource Wealth Advisors LLC grew its position in shares of Silicon Motion Technology by 78.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock worth $130,000 after acquiring an additional 511 shares in the last quarter. Finally, IFP Advisors Inc acquired a new position in shares of Silicon Motion Technology in the 2nd quarter worth approximately $162,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Up 7.9%

Shares of NASDAQ:SIMO opened at $204.17 on Wednesday. Silicon Motion Technology Corporation has a fifty-two week low of $79.76 and a fifty-two week high of $355.00. The firm has a 50-day simple moving average of $250.60 and a 200 day simple moving average of $211.95. The company has a market cap of $6.92 billion, a PE ratio of 23.94 and a beta of 1.69.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. The business had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. During the same quarter last year, the company earned $0.69 EPS. Silicon Motion Technology’s revenue was up 127.0% compared to the same quarter last year. As a group, research analysts forecast that Silicon Motion Technology Corporation will post 10.60 EPS for the current fiscal year.

Silicon Motion Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be paid a $0.5750 dividend. The ex-dividend date is Thursday, November 5th. This is an increase from Silicon Motion Technology’s previous quarterly dividend of $0.50. This represents a $2.30 dividend on an annualized basis and a yield of 1.1%. Silicon Motion Technology’s payout ratio is presently 26.85%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SIMO. Needham & Company LLC boosted their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, July 30th. B. Riley Financial reduced their price objective on Silicon Motion Technology from $350.00 to $288.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. Roth Capital restated a “buy” rating and set a $350.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Craig Hallum reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Silicon Motion Technology in a report on Friday, July 31st. Finally, Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $332.57.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.