Morse Asset Management Inc Purchases Shares of 9,100 Silicon Motion Technology Co. (NASDAQ:SIMO)

Morse Asset Management Inc purchased a new stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 9,100 shares of the semiconductor producer’s stock, valued at approximately $700,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares in the last quarter. CVA Family Office LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter worth $65,000. Assetmark Inc. lifted its position in shares of Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after purchasing an additional 342 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Silicon Motion Technology during the first quarter worth $150,000. Finally, Barometer Capital Management Inc. acquired a new position in shares of Silicon Motion Technology during the fourth quarter worth $123,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Craig Hallum boosted their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Susquehanna boosted their target price on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research report on Monday, May 6th. B. Riley lifted their price target on shares of Silicon Motion Technology from $109.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. 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 equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Buy” and a consensus target price of $93.13.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO traded up $1.40 during midday trading on Friday, reaching $70.08. The company had a trading volume of 625,503 shares, compared to its average volume of 310,213. Silicon Motion Technology Co. has a one year low of $49.50 and a one year high of $85.87. The stock’s fifty day moving average price is $79.62 and its 200-day moving average price is $74.52. The stock has a market capitalization of $2.36 billion, a P/E ratio of 39.82, a PEG ratio of 0.65 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $189.31 million for the quarter, compared to analysts’ expectations of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. As a group, sell-side analysts forecast that Silicon Motion Technology Co. will post 2.84 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.85%. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Silicon Motion Technology 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.