Silicon Motion Technology Corp. (NASDAQ:SIMO) was the recipient of a significant increase in short interest in July. As of July 15th, there was short interest totalling 282,700 shares, an increase of 17.1% from the June 30th total of 241,500 shares. Based on an average daily volume of 352,200 shares, the short-interest ratio is presently 0.8 days. Approximately 0.8% of the shares of the stock are short sold.
Institutional investors have recently bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Silicon Motion Technology by 32.8% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 1,351 shares of the semiconductor producer’s stock valued at $50,000 after acquiring an additional 334 shares in the last quarter. Private Capital Group LLC raised its stake in shares of Silicon Motion Technology by 19.6% during the first quarter. Private Capital Group LLC now owns 2,370 shares of the semiconductor producer’s stock valued at $87,000 after acquiring an additional 389 shares in the last quarter. Quantum Capital Management bought a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $100,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Silicon Motion Technology by 14.2% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,329 shares of the semiconductor producer’s stock valued at $118,000 after acquiring an additional 290 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in Silicon Motion Technology by 50,614.3% in the first quarter. Deutsche Bank AG now owns 3,550 shares of the semiconductor producer’s stock worth $130,000 after buying an additional 3,543 shares in the last quarter. 70.17% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on SIMO. Craig Hallum restated a “buy” rating and set a $55.00 price objective (up previously from $50.00) on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. BidaskClub lowered Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Zacks Investment Research lowered Silicon Motion Technology from a “hold” rating to a “sell” rating and set a $47.00 price target for the company. in a research report on Tuesday, July 21st. Royal Bank of Canada reiterated a “hold” rating and issued a $45.00 price target on shares of Silicon Motion Technology in a research report on Thursday. Finally, B. Riley lifted their price target on Silicon Motion Technology from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $52.25.
Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.08. Silicon Motion Technology had a return on equity of 15.19% and a net margin of 15.71%. The business had revenue of $136.80 million during the quarter, compared to analyst estimates of $134.17 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, analysts predict that Silicon Motion Technology will post 2.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Wednesday, August 5th. Silicon Motion Technology’s dividend payout ratio is presently 76.37%.
Silicon Motion Technology Company 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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