Cadence Bank Trims Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Cadence Bank trimmed its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 1.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 14,994 shares of the semiconductor producer’s stock after selling 242 shares during the period. Cadence Bank’s holdings in Silicon Motion Technology were worth $911,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC raised its holdings in shares of Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares during the last quarter. Reinhart Partners LLC. raised its holdings in Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after purchasing an additional 326,358 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after purchasing an additional 608,949 shares in the last quarter. Millennium Management LLC raised its holdings in Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock worth $64,130,000 after purchasing an additional 105,084 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Silicon Motion Technology by 36.4% during the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock worth $34,671,000 after purchasing an additional 152,467 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 1.8 %

Shares of SIMO stock opened at $52.43 on Thursday. The company’s fifty day simple moving average is $56.24 and its 200-day simple moving average is $66.52. Silicon Motion Technology Co. has a 52 week low of $50.50 and a 52 week high of $85.87. The company has a market cap of $1.77 billion, a PE ratio of 19.86, a P/E/G ratio of 1.52 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The business had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. During the same quarter last year, the firm posted $0.32 EPS. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. Equities research analysts expect that Silicon Motion Technology Co. will post 2.59 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio is presently 75.38%.

Analysts Set New Price Targets

Several research firms recently issued reports on SIMO. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. B. Riley cut their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price target for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Craig Hallum lowered their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Roth Mkm lowered their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

About Silicon Motion Technology

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.