Silicon Motion Technology Corporation $SIMO Stock Sold by Lisanti Capital Growth LLC

Lisanti Capital Growth LLC lowered its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 50.3% in the third quarter, Holdings Channel.com reports. The fund owned 9,740 shares of the semiconductor producer’s stock after selling 9,860 shares during the period. Lisanti Capital Growth LLC’s holdings in Silicon Motion Technology were worth $2,727,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of SIMO. Assetmark Inc. grew its holdings in shares of Silicon Motion Technology by 2.3% during the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after purchasing an additional 63 shares in the last quarter. Greenleaf Trust raised its stake in shares of Silicon Motion Technology by 7.9% in the third quarter. Greenleaf Trust now owns 1,025 shares of the semiconductor producer’s stock valued at $287,000 after purchasing an additional 75 shares in the last quarter. Cooper Investors PTY Ltd. acquired a new position in shares of Silicon Motion Technology in the second quarter valued at $34,000. Stronghold Wealth Management L.L.C. lifted its position in Silicon Motion Technology by 17.8% in the third quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer’s stock worth $207,000 after purchasing an additional 112 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. lifted its position in Silicon Motion Technology by 33.5% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 658 shares of the semiconductor producer’s stock worth $184,000 after purchasing an additional 165 shares during the period. Institutional investors own 78.02% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on SIMO. Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Susquehanna increased their price objective on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. Roth Capital reiterated a “buy” rating and set a $350.00 target price on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Finally, Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 16th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $328.75.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $183.65 on Thursday. The business’s fifty day moving average price is $237.33 and its two-hundred day moving average price is $216.06. Silicon Motion Technology Corporation has a fifty-two week low of $79.76 and a fifty-two week high of $355.00. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 0.30 and a beta of 1.78. The company has a debt-to-equity ratio of 1.00, a current ratio of 5.68 and a quick ratio of 3.65.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $1.05. The firm had revenue of $560.22 million during the quarter, compared to analyst estimates of $529.10 million. Silicon Motion Technology had a return on equity of 32.29% and a net margin of 19.36%. The business’s revenue for the quarter was up 131.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.00 earnings per share. As a group, analysts predict that Silicon Motion Technology Corporation will post 10.20 EPS for the current fiscal year.

Silicon Motion Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be issued a $0.5750 dividend. This represents a $2.30 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, November 5th. This is a positive change from Silicon Motion Technology’s previous quarterly dividend of $0.50. Silicon Motion Technology’s payout ratio is currently 24.78%.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory. The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.