Pendal Group Ltd Takes Position in Silicon Motion Technology Corp. (SIMO)
Pendal Group Ltd bought a new stake in Silicon Motion Technology Corp. (NASDAQ:SIMO) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 36,042 shares of the semiconductor producer’s stock, valued at approximately $1,935,000.
Several other hedge funds also recently made changes to their positions in SIMO. Pitcairn Co. acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $201,000. FNY Investment Advisers LLC acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $285,000. Weil Company Inc. acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $311,000. OppenheimerFunds Inc. acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $396,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $397,000. Institutional investors own 75.25% of the company’s stock.
Several analysts have recently commented on SIMO shares. Zacks Investment Research cut Silicon Motion Technology from a “hold” rating to a “sell” rating in a report on Tuesday, July 31st. Morgan Stanley cut Silicon Motion Technology from an “overweight” rating to an “equal” rating and set a $54.00 price target for the company. in a report on Wednesday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Silicon Motion Technology in a report on Wednesday, August 1st. Roth Capital raised their price target on Silicon Motion Technology to $65.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Finally, Cowen raised Silicon Motion Technology from a “market perform” rating to an “outperform” rating and set a $53.00 price target for the company in a report on Wednesday, August 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $56.31.
Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, October 30th. The semiconductor producer reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.07. The firm had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $137.36 million. Silicon Motion Technology had a return on equity of 17.92% and a net margin of 17.10%. Silicon Motion Technology’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Analysts predict that Silicon Motion Technology Corp. will post 2.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Friday, November 9th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.20 annualized dividend and a yield of 3.22%. Silicon Motion Technology’s dividend payout ratio is presently 56.94%.
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About Silicon Motion Technology
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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