Massachusetts Financial Services Co. MA Buys 172,867 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Massachusetts Financial Services Co. MA increased its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 33.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 696,293 shares of the semiconductor producer’s stock after purchasing an additional 172,867 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Silicon Motion Technology were worth $37,635,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Pertento Partners LLP grew its position in shares of Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock worth $63,072,000 after buying an additional 277,462 shares in the last quarter. Reinhart Partners LLC. lifted its position in shares of Silicon Motion Technology by 5.1% in the 4th quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer’s stock worth $61,387,000 after purchasing an additional 55,363 shares during the period. Lord Abbett & CO. LLC boosted its stake in shares of Silicon Motion Technology by 21.7% during the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after purchasing an additional 196,609 shares in the last quarter. Wellington Management Group LLP increased its holdings in Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer’s stock valued at $43,088,000 after buying an additional 228,333 shares during the period. Finally, Heartland Advisors Inc. raised its stake in Silicon Motion Technology by 21.6% in the fourth quarter. Heartland Advisors Inc. now owns 447,138 shares of the semiconductor producer’s stock worth $24,168,000 after buying an additional 79,383 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SIMO. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Monday, December 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 target price on shares of Silicon Motion Technology in a report on Friday, February 7th. Finally, StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $80.63.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $41.12 on Friday. The business’s 50-day simple moving average is $53.79 and its two-hundred day simple moving average is $54.97. The company has a market cap of $1.39 billion, a PE ratio of 15.29, a PEG ratio of 1.36 and a beta of 0.71. Silicon Motion Technology Co. has a fifty-two week low of $39.50 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. As a group, analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Thursday, February 13th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a yield of 4.86%. Silicon Motion Technology’s dividend payout ratio is presently 74.35%.

Silicon Motion Technology declared that its board has authorized a share buyback plan on Wednesday, February 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Silicon Motion Technology 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.