Northcape Capital Pty Ltd Grows Stake in Silicon Motion Technology Corp. (NASDAQ:SIMO)
Northcape Capital Pty Ltd lifted its holdings in shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 595,151 shares of the semiconductor producer’s stock after purchasing an additional 2,575 shares during the quarter. Silicon Motion Technology accounts for about 4.8% of Northcape Capital Pty Ltd’s portfolio, making the stock its 6th biggest position. Northcape Capital Pty Ltd’s holdings in Silicon Motion Technology were worth $23,592,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quantamental Technologies LLC acquired a new position in shares of Silicon Motion Technology during the 1st quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Silicon Motion Technology by 201.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 923 shares of the semiconductor producer’s stock worth $37,000 after purchasing an additional 617 shares during the last quarter. Penserra Capital Management LLC increased its position in shares of Silicon Motion Technology by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 1,320 shares of the semiconductor producer’s stock worth $52,000 after purchasing an additional 440 shares during the last quarter. Private Capital Group LLC increased its position in shares of Silicon Motion Technology by 63.5% during the 1st quarter. Private Capital Group LLC now owns 1,630 shares of the semiconductor producer’s stock worth $65,000 after purchasing an additional 633 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Silicon Motion Technology by 1,460.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,919 shares of the semiconductor producer’s stock worth $76,000 after purchasing an additional 1,796 shares during the last quarter. 69.93% of the stock is currently owned by institutional investors.
Several research analysts have weighed in on SIMO shares. BidaskClub raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, May 14th. B. Riley boosted their price target on Silicon Motion Technology from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Zacks Investment Research raised Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 2nd. Cowen reaffirmed an “outperform” rating and set a $45.00 price target (up previously from $43.00) on shares of Silicon Motion Technology in a research report on Monday, May 6th. Finally, Morgan Stanley lowered Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $50.95.
Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.07. The firm had revenue of $94.69 million during the quarter, compared to analysts’ expectations of $93.23 million. Silicon Motion Technology had a return on equity of 19.04% and a net margin of 17.28%. The company’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. On average, sell-side analysts predict that Silicon Motion Technology Corp. will post 2.12 EPS for the current year.
The business also recently disclosed a dividend, which was paid on Friday, May 24th. Shareholders of record on Thursday, May 9th were issued a $0.298 dividend. The ex-dividend date was Wednesday, May 8th. This is a boost from Silicon Motion Technology’s previous dividend of $0.20. Silicon Motion Technology’s payout ratio is currently 34.90%.
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Silicon Motion Technology Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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