Meritage Portfolio Management Sells 16,448 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)


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Meritage Portfolio Management lowered its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 32.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,428 shares of the semiconductor producer’s stock after selling 16,448 shares during the quarter. Meritage Portfolio Management owned approximately 0.10% of Silicon Motion Technology worth $2,045,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Cardinal Capital Management LLC CT grew its holdings in Silicon Motion Technology by 20.8% during the 4th quarter. Cardinal Capital Management LLC CT now owns 2,428,722 shares of the semiconductor producer’s stock worth $116,943,000 after acquiring an additional 417,412 shares during the last quarter. Rice Hall James & Associates LLC grew its holdings in Silicon Motion Technology by 28.4% during the 4th quarter. Rice Hall James & Associates LLC now owns 704,483 shares of the semiconductor producer’s stock worth $33,921,000 after acquiring an additional 155,670 shares during the last quarter. Baillie Gifford & Co. bought a new stake in Silicon Motion Technology during the 4th quarter worth about $27,997,000. M&G Investment Management Ltd. grew its holdings in Silicon Motion Technology by 3.8% during the 4th quarter. M&G Investment Management Ltd. now owns 494,881 shares of the semiconductor producer’s stock worth $23,754,000 after acquiring an additional 18,151 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Silicon Motion Technology by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 330,760 shares of the semiconductor producer’s stock worth $15,923,000 after acquiring an additional 19,720 shares during the last quarter. 66.72% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SIMO stock opened at $69.96 on Tuesday. The company has a market capitalization of $2.46 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 2.08 and a beta of 1.06. The company’s 50 day moving average price is $65.46 and its two-hundred day moving average price is $52.33. Silicon Motion Technology Co. has a 52 week low of $35.13 and a 52 week high of $74.10.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, February 2nd. The semiconductor producer reported $0.86 EPS for the quarter, topping the consensus estimate of $0.71 by $0.15. The firm had revenue of $143.90 million for the quarter, compared to the consensus estimate of $143.08 million. Silicon Motion Technology had a net margin of 18.92% and a return on equity of 18.13%. The business’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the company posted $0.96 EPS. On average, sell-side analysts forecast that Silicon Motion Technology Co. will post 2.75 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Shareholders of record on Thursday, May 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, May 5th. This represents a $1.40 annualized dividend and a yield of 2.00%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 76.37%.

Several research analysts have recently issued reports on SIMO shares. Roth Capital raised their target price on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, April 8th. Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, April 13th. Craig Hallum raised their target price on shares of Silicon Motion Technology from $55.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, February 4th. Zacks Investment Research raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Monday, January 11th. Finally, B. Riley raised their target price on shares of Silicon Motion Technology from $75.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, April 15th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $67.33.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It offers solid-state drive (SSDs) used in PCs and other devices, as well as embedded multimediacard (eMMC) and UFS mobile embedded storage used in smartphones.

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Institutional Ownership by Quarter for Silicon Motion Technology (NASDAQ:SIMO)

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