Schafer Cullen Capital Management Inc Buys 5,523 Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO)

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Schafer Cullen Capital Management Inc increased its holdings in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 7.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,286 shares of the semiconductor producer’s stock after purchasing an additional 5,523 shares during the quarter. Schafer Cullen Capital Management Inc owned 0.21% of Silicon Motion Technology worth $2,732,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its position in Silicon Motion Technology by 49.9% in the third quarter. State Street Corp now owns 36,196 shares of the semiconductor producer’s stock worth $1,280,000 after acquiring an additional 12,046 shares in the last quarter. Systematic Financial Management LP grew its position in Silicon Motion Technology by 26.3% in the third quarter. Systematic Financial Management LP now owns 454,898 shares of the semiconductor producer’s stock worth $16,081,000 after acquiring an additional 94,668 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Silicon Motion Technology by 18.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,750,099 shares of the semiconductor producer’s stock worth $132,566,000 after acquiring an additional 584,763 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Silicon Motion Technology in the third quarter worth $98,000. Finally, First Trust Advisors LP lifted its stake in shares of Silicon Motion Technology by 28.1% in the third quarter. First Trust Advisors LP now owns 22,521 shares of the semiconductor producer’s stock worth $796,000 after buying an additional 4,944 shares during the last quarter. Institutional investors and hedge funds own 69.89% of the company’s stock.

NASDAQ:SIMO traded up $1.09 during mid-day trading on Wednesday, reaching $44.12. 138,177 shares of the company were exchanged, compared to its average volume of 320,067. The stock has a market cap of $1.60 billion, a PE ratio of 12.94, a PEG ratio of 3.80 and a beta of 1.11. The company has a fifty day moving average of $41.84 and a 200 day moving average of $38.52. Silicon Motion Technology Corp. has a 12 month low of $30.86 and a 12 month high of $47.23.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor producer reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.31. Silicon Motion Technology had a net margin of 13.16% and a return on equity of 13.22%. The company had revenue of $110.50 million during the quarter, compared to analysts’ expectations of $112.08 million. During the same period last year, the business earned $0.95 EPS. The business’s quarterly revenue was down 20.3% on a year-over-year basis. On average, equities research analysts predict that Silicon Motion Technology Corp. will post 1.67 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.17%. This is a boost from Silicon Motion Technology’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, November 6th. Silicon Motion Technology’s payout ratio is 40.76%.

SIMO has been the subject of a number of analyst reports. KeyCorp set a $58.00 price objective on shares of Silicon Motion Technology and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Wedbush initiated coverage on shares of Silicon Motion Technology in a research note on Tuesday, October 22nd. They issued a “neutral” rating and a $39.00 price objective for the company. Needham & Company LLC upped their target price on shares of Silicon Motion Technology from $44.00 to $55.00 in a research note on Wednesday, October 30th. Roth Capital upped their target price on shares of Silicon Motion Technology from $45.00 to $55.00 in a research note on Wednesday, October 30th. Finally, BidaskClub cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $47.49.

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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Institutional Ownership by Quarter for Silicon Motion Technology (NASDAQ:SIMO)

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