National Bank of Canada FI Boosts Holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO)

National Bank of Canada FI raised its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 10,053.3% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 76,150 shares of the semiconductor producer’s stock after buying an additional 75,400 shares during the period. National Bank of Canada FI owned about 0.22% of Silicon Motion Technology worth $3,850,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SIMO. LPL Financial LLC raised its stake in shares of Silicon Motion Technology by 34.3% during the 4th quarter. LPL Financial LLC now owns 7,643 shares of the semiconductor producer’s stock valued at $413,000 after buying an additional 1,950 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Silicon Motion Technology by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 36,248 shares of the semiconductor producer’s stock valued at $1,959,000 after buying an additional 300 shares during the last quarter. Gabelli Funds LLC raised its stake in shares of Silicon Motion Technology by 6.4% during the 4th quarter. Gabelli Funds LLC now owns 28,400 shares of the semiconductor producer’s stock valued at $1,535,000 after buying an additional 1,700 shares during the last quarter. 1492 Capital Management LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter valued at about $1,655,000. Finally, First Trust Advisors LP grew its position in shares of Silicon Motion Technology by 62.6% during the 4th quarter. First Trust Advisors LP now owns 62,117 shares of the semiconductor producer’s stock valued at $3,357,000 after acquiring an additional 23,921 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of analyst reports. Craig Hallum raised their target price on Silicon Motion Technology from $70.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Citigroup upgraded Silicon Motion Technology to a “buy” rating in a research report on Wednesday, June 18th. B. Riley restated a “buy” rating and set a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Roth Capital raised their target price on Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Finally, Bank of America upgraded Silicon Motion Technology from a “neutral” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Silicon Motion Technology presently has an average rating of “Moderate Buy” and an average target price of $87.78.

Silicon Motion Technology Price Performance

SIMO opened at $75.48 on Friday. The company’s 50 day simple moving average is $73.06 and its two-hundred day simple moving average is $59.92. Silicon Motion Technology Corporation has a 1-year low of $37.21 and a 1-year high of $85.11. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 31.85, a price-to-earnings-growth ratio of 3.83 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.15. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.14%. The business had revenue of $198.68 million for the quarter, compared to analyst estimates of $180.40 million. During the same period last year, the company posted $0.96 EPS. The business’s revenue was down 5.7% on a year-over-year basis. On average, equities analysts anticipate that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, August 7th. Silicon Motion Technology’s payout ratio is presently 83.97%.

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.