Silicon Motion Technology Corp. (NASDAQ:SIMO) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 2,905,573 shares, a growth of 53.1% from the October 14th total of 1,897,331 shares. Based on an average daily volume of 924,934 shares, the short-interest ratio is currently 3.1 days.

Several research firms have recently commented on SIMO. B. Riley reissued a “buy” rating and issued a $68.75 target price on shares of Silicon Motion Technology Corp. in a research note on Monday, October 24th. Susquehanna set a $60.00 target price on Silicon Motion Technology Corp. and gave the company a “buy” rating in a research note on Saturday, October 1st. Brean Capital reissued a “buy” rating and issued a $60.00 target price on shares of Silicon Motion Technology Corp. in a research note on Tuesday, July 26th. Zacks Investment Research cut Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 20th. Finally, Northland Securities reissued an “outperform” rating and issued a $60.00 target price on shares of Silicon Motion Technology Corp. in a research note on Wednesday, October 5th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $52.60.

Silicon Motion Technology Corp. (NASDAQ:SIMO) opened at 43.47 on Friday. Silicon Motion Technology Corp. has a 12-month low of $27.35 and a 12-month high of $56.25. The firm’s 50-day moving average price is $0.00 and its 200 day moving average price is $0.00.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly earnings data on Thursday, October 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.13. Silicon Motion Technology Corp. had a net margin of 19.25% and a return on equity of 26.18%. The company earned $158.60 million during the quarter, compared to the consensus estimate of $149.16 million. During the same period in the previous year, the firm posted $0.57 EPS. The firm’s revenue was up 66.2% compared to the same quarter last year. Analysts expect that Silicon Motion Technology Corp. will post $3.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 17th. Stockholders of record on Monday, November 7th will be issued a dividend of $0.20 per share. This is an increase from Silicon Motion Technology Corp.’s previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Thursday, November 3rd. Silicon Motion Technology Corp.’s payout ratio is currently 23.10%.

Several hedge funds have recently bought and sold shares of SIMO. Wellington Management Group LLP increased its stake in Silicon Motion Technology Corp. by 98.2% in the first quarter. Wellington Management Group LLP now owns 3,029,892 shares of the company’s stock worth $117,591,000 after buying an additional 1,501,544 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Silicon Motion Technology Corp. by 37.2% in the second quarter. JPMorgan Chase & Co. now owns 2,479,148 shares of the company’s stock worth $118,503,000 after buying an additional 671,966 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Silicon Motion Technology Corp. by 365.4% in the second quarter. Lord Abbett & CO. LLC now owns 1,049,179 shares of the company’s stock worth $50,151,000 after buying an additional 823,750 shares in the last quarter. Columbus Circle Investors increased its stake in Silicon Motion Technology Corp. by 28.2% in the second quarter. Columbus Circle Investors now owns 764,920 shares of the company’s stock worth $36,563,000 after buying an additional 168,229 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Silicon Motion Technology Corp. by 541.2% in the third quarter. Acadian Asset Management LLC now owns 674,687 shares of the company’s stock worth $34,940,000 after buying an additional 569,465 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

About Silicon Motion Technology Corp.

Silicon Motion Technology Corporation (SMTC) is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. For the mobile storage market, the Company’s products are microcontrollers used in solid state storage devices, such as Solid State Drives (SSDs), Embedded Multimedia Cards (eMMCs) and other embedded flash applications, as well as removable storage products.

5 Day Chart for NASDAQ:SIMO

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