Acadian Asset Management LLC Buys 825,394 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Acadian Asset Management LLC lifted its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 161.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,336,448 shares of the semiconductor producer’s stock after acquiring an additional 825,394 shares during the quarter. Acadian Asset Management LLC owned approximately 3.97% of Silicon Motion Technology worth $102,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Kodai Capital Management LP acquired a new position in Silicon Motion Technology in the fourth quarter valued at approximately $44,073,000. Lord Abbett & CO. LLC acquired a new position in Silicon Motion Technology in the first quarter valued at approximately $53,676,000. Pertento Partners LLP lifted its stake in Silicon Motion Technology by 262.6% in the fourth quarter. Pertento Partners LLP now owns 605,469 shares of the semiconductor producer’s stock valued at $37,097,000 after buying an additional 438,469 shares during the period. Westfield Capital Management Co. LP acquired a new position in Silicon Motion Technology in the fourth quarter valued at approximately $25,007,000. Finally, Goldman Sachs Group Inc. lifted its stake in Silicon Motion Technology by 615.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock valued at $19,379,000 after buying an additional 272,103 shares during the period. 78.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SIMO has been the topic of several recent analyst reports. Susquehanna boosted their price target on Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research note on Monday, May 6th. B. Riley boosted their price target on Silicon Motion Technology from $109.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Morgan Stanley raised Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $59.00 to $88.00 in a research note on Monday, May 6th. Craig Hallum upped their target price on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Wedbush reaffirmed an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Buy” and a consensus target price of $93.13.

Silicon Motion Technology Trading Down 2.0 %

Silicon Motion Technology stock traded down $1.56 during trading on Friday, hitting $75.14. 345,194 shares of the company were exchanged, compared to its average volume of 312,599. The business’s 50 day moving average is $79.95 and its 200 day moving average is $74.12. Silicon Motion Technology Co. has a 52 week low of $49.50 and a 52 week high of $95.33. The company has a market capitalization of $2.53 billion, a P/E ratio of 42.69, a PEG ratio of 0.70 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.07. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. The business had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Equities analysts expect that Silicon Motion Technology Co. will post 2.83 EPS for the current year.

Silicon Motion Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 2.66%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 113.07%.

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.