Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Cadence Bank

Cadence Bank trimmed its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 large investors have also added to or reduced their stakes in SIMO. Advisors Asset Management Inc. grew its holdings in Silicon Motion Technology by 129.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after acquiring an additional 251 shares in the last quarter. Blue Trust Inc. grew its holdings in Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 556 shares in the last quarter. Headlands Technologies LLC acquired a new position in Silicon Motion Technology during the 2nd quarter worth $139,000. LRI Investments LLC acquired a new position in Silicon Motion Technology during the 1st quarter worth $150,000. Finally, Van ECK Associates Corp acquired a new position in Silicon Motion Technology during the 3rd quarter worth $151,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Trading Down 1.8 %

SIMO stock opened at $52.43 on Thursday. 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 capitalization of $1.77 billion, a price-to-earnings ratio of 19.86, a price-to-earnings-growth ratio of 1.52 and a beta of 0.84. The firm’s 50-day moving average is $56.24 and its two-hundred day moving average is $66.52.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping 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 period in the previous year, the firm earned $0.32 EPS. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, equities research analysts predict that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

SIMO has been the subject of several recent analyst reports. Susquehanna decreased their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. Morgan Stanley decreased their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the company from $90.00 to $60.00 in a report on Friday, August 16th. Finally, StockNews.com lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Company Profile

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.