LRI Investments LLC Purchases New Shares in Silicon Motion Technology Co. (NASDAQ:SIMO)

LRI Investments LLC purchased a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO) during the first quarter, Holdings Channel reports. The institutional investor purchased 1,993 shares of the semiconductor producer’s stock, valued at approximately $150,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares during the period. CVA Family Office LLC purchased a new stake in Silicon Motion Technology in the 4th quarter valued at about $65,000. Assetmark Inc. raised its holdings in Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares during the period. Barometer Capital Management Inc. purchased a new stake in Silicon Motion Technology in the 4th quarter valued at about $123,000. Finally, PNC Financial Services Group Inc. raised its holdings in Silicon Motion Technology by 48.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock valued at $155,000 after buying an additional 821 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Craig Hallum boosted their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. B. Riley increased their price target on shares of Silicon Motion Technology from $109.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $59.00 to $88.00 in a research note on Monday, May 6th. Finally, StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Silicon Motion Technology presently has an average rating of “Buy” and a consensus price target of $93.13.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock traded up $1.40 during midday trading on Friday, reaching $70.08. The company’s stock had a trading volume of 625,503 shares, compared to its average volume of 310,213. Silicon Motion Technology Co. has a fifty-two week low of $49.50 and a fifty-two week high of $85.87. The stock’s 50 day simple moving average is $79.62 and its 200 day simple moving average is $74.45. The firm has a market capitalization of $2.36 billion, a PE ratio of 39.82, a P/E/G ratio of 0.65 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. The company had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Equities analysts predict that Silicon Motion Technology Co. will post 2.84 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Silicon Motion Technology Company 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.