Schafer Cullen Capital Management Inc reduced its holdings in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 54.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,098 shares of the semiconductor producer’s stock after selling 85,270 shares during the period. Schafer Cullen Capital Management Inc owned about 0.20% of Silicon Motion Technology worth $2,487,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in SIMO. D. E. Shaw & Co. Inc. purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth about $3,934,000. Barclays PLC raised its stake in shares of Silicon Motion Technology by 56.7% during the 4th quarter. Barclays PLC now owns 13,336 shares of the semiconductor producer’s stock worth $460,000 after purchasing an additional 4,824 shares in the last quarter. Citigroup Inc. raised its stake in shares of Silicon Motion Technology by 389.7% during the 4th quarter. Citigroup Inc. now owns 2,615 shares of the semiconductor producer’s stock worth $90,000 after purchasing an additional 2,081 shares in the last quarter. Aviva PLC raised its stake in shares of Silicon Motion Technology by 3.9% during the 4th quarter. Aviva PLC now owns 76,930 shares of the semiconductor producer’s stock worth $2,654,000 after purchasing an additional 2,916 shares in the last quarter. Finally, Royce & Associates LP raised its stake in shares of Silicon Motion Technology by 25.5% during the 4th quarter. Royce & Associates LP now owns 713,471 shares of the semiconductor producer’s stock worth $24,615,000 after purchasing an additional 144,975 shares in the last quarter. 70.43% of the stock is owned by hedge funds and other institutional investors.
SIMO traded down $0.33 during midday trading on Tuesday, reaching $41.79. The company’s stock had a trading volume of 14,015 shares, compared to its average volume of 267,638. The firm has a market capitalization of $1.52 billion, a P/E ratio of 12.26 and a beta of 1.08. Silicon Motion Technology Corp. has a twelve month low of $31.73 and a twelve month high of $61.85.
Silicon Motion Technology announced that its Board of Directors has approved a share buyback program on Wednesday, November 21st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor producer to buy up to 15.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a special dividend, which was paid on Wednesday, February 27th. Shareholders of record on Friday, February 15th were given a $0.30 dividend. The ex-dividend date was Thursday, February 14th. This represents a dividend yield of 3.41%. This is an increase from Silicon Motion Technology’s previous special dividend of $0.15. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 34.90%.
A number of research firms have recently weighed in on SIMO. BidaskClub raised Silicon Motion Technology from a “sell” rating to a “hold” rating in a research note on Thursday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $47.00 price target on shares of Silicon Motion Technology in a research note on Thursday, January 31st. Zacks Investment Research downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. ValuEngine raised Silicon Motion Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, January 29th. Finally, Craig Hallum reissued a “buy” rating and set a $52.00 price objective (down previously from $55.00) on shares of Silicon Motion Technology in a report on Monday, January 28th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $51.95.
About Silicon Motion Technology
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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