First National Bank of Omaha Cuts Holdings in Silicon Motion Technology Corp. (SIMO)
First National Bank of Omaha cut its stake in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 19.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,445 shares of the semiconductor producer’s stock after selling 4,988 shares during the quarter. First National Bank of Omaha owned about 0.06% of Silicon Motion Technology worth $705,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in SIMO. JPMorgan Chase & Co. raised its position in Silicon Motion Technology by 25.8% in the third quarter. JPMorgan Chase & Co. now owns 1,206,624 shares of the semiconductor producer’s stock valued at $64,796,000 after purchasing an additional 247,658 shares during the period. Zweig DiMenna Associates LLC purchased a new stake in shares of Silicon Motion Technology during the third quarter worth about $5,773,000. Massachusetts Financial Services Co. MA increased its position in shares of Silicon Motion Technology by 4.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,530,366 shares of the semiconductor producer’s stock worth $135,881,000 after acquiring an additional 105,161 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of Silicon Motion Technology during the third quarter worth about $2,685,000. Finally, United Services Automobile Association increased its position in shares of Silicon Motion Technology by 22.7% during the second quarter. United Services Automobile Association now owns 225,595 shares of the semiconductor producer’s stock worth $11,932,000 after acquiring an additional 41,700 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.
A number of brokerages have recently issued reports on SIMO. BidaskClub raised Silicon Motion Technology from a “strong sell” rating to a “sell” rating in a research report on Friday. Bank of America raised Silicon Motion Technology from an “underperform” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Friday, January 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price (down from $58.00) on shares of Silicon Motion Technology in a research report on Thursday, January 17th. TheStreet lowered Silicon Motion Technology from a “b-” rating to a “c+” rating in a research report on Friday, January 11th. Finally, Roth Capital dropped their target price on Silicon Motion Technology from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $52.45.
Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.07. The business had revenue of $138.60 million during the quarter, compared to the consensus estimate of $137.36 million. Silicon Motion Technology had a return on equity of 17.92% and a net margin of 17.10%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. Analysts anticipate that Silicon Motion Technology Corp. will post 2.89 EPS for the current fiscal year.
The company also recently declared a special dividend, which will be paid on Wednesday, February 27th. Investors of record on Friday, February 15th will be paid a $0.30 dividend. This represents a yield of 3.41%. This is an increase from Silicon Motion Technology’s previous special dividend of $0.15. The ex-dividend date of this dividend is Thursday, February 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is 56.94%.
Silicon Motion Technology declared that its board has approved a share buyback program on Wednesday, November 21st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor producer to repurchase up to 15.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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Silicon Motion Technology Company Profile
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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