Wellington Management Group LLP Cuts Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Wellington Management Group LLP trimmed its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 26.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 568,859 shares of the semiconductor producer’s stock after selling 200,352 shares during the quarter. Wellington Management Group LLP’s holdings in Silicon Motion Technology were worth $34,552,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SIMO. Advisors Asset Management Inc. grew its stake 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 buying an additional 251 shares during the last quarter. Blue Trust Inc. boosted its holdings in Silicon Motion Technology by 3,971.4% in the second 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 purchased a new stake in shares of Silicon Motion Technology during the second quarter worth about $139,000. XTX Topco Ltd acquired a new position in shares of Silicon Motion Technology during the second quarter valued at about $220,000. Finally, Van ECK Associates Corp acquired a new stake in Silicon Motion Technology in the 3rd quarter worth approximately $151,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $56.27 on Friday. The stock’s fifty day moving average is $55.61 and its two-hundred day moving average is $64.93. The firm has a market capitalization of $1.90 billion, a P/E ratio of 21.31, a price-to-earnings-growth ratio of 1.55 and a beta of 0.82. Silicon Motion Technology Co. has a fifty-two week low of $50.50 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (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 firm had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Silicon Motion Technology’s quarterly revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts forecast that Silicon Motion Technology Co. will post 2.59 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.55%. The ex-dividend date was Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 75.76%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Wednesday. Susquehanna lowered their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. Needham & Company LLC reduced their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Morgan Stanley decreased their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Roth Mkm cut their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target 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.