Silicon Motion Technology Corporation $SIMO Stake Lessened by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA reduced its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 21.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 586,655 shares of the semiconductor producer’s stock after selling 155,723 shares during the period. Massachusetts Financial Services Co. MA owned about 1.73% of Silicon Motion Technology worth $55,621,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SIMO. EverSource Wealth Advisors LLC grew its holdings in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Silicon Motion Technology by 118.3% in the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock valued at $73,000 after purchasing an additional 529 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Silicon Motion Technology during the 2nd quarter valued at about $75,000. Headlands Technologies LLC bought a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $108,000. Finally, Blue Trust Inc. raised its stake in Silicon Motion Technology by 53.3% during the second quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer’s stock worth $152,000 after acquiring an additional 704 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Up 4.3%

SIMO stock opened at $117.81 on Thursday. The business has a 50-day simple moving average of $94.63 and a 200 day simple moving average of $88.34. Silicon Motion Technology Corporation has a 52 week low of $37.21 and a 52 week high of $123.30. The company has a market cap of $4.00 billion, a PE ratio of 40.48, a price-to-earnings-growth ratio of 1.25 and a beta of 1.05.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Thursday, August 6th. Silicon Motion Technology’s payout ratio is 68.38%.

Analysts Set New Price Targets

Several equities analysts have issued reports on SIMO shares. Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. B. Riley lifted their target price on shares of Silicon Motion Technology from $125.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Wedbush set a $120.00 target price on Silicon Motion Technology in a report on Monday, November 3rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.13.

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.