59,032 Silicon Motion Technology Corporation $SIMO Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. grew its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 29.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 259,378 shares of the semiconductor producer’s stock after purchasing an additional 59,032 shares during the quarter. Russell Investments Group Ltd.’s holdings in Silicon Motion Technology were worth $72,245,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SIMO. Assetmark Inc. lifted its position in shares of Silicon Motion Technology by 2.3% in the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after purchasing an additional 63 shares during the period. Greenleaf Trust boosted its stake in shares of Silicon Motion Technology by 7.9% during the third quarter. Greenleaf Trust now owns 1,025 shares of the semiconductor producer’s stock valued at $287,000 after purchasing an additional 75 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new position in Silicon Motion Technology during the second quarter valued at approximately $34,000. Stronghold Wealth Management L.L.C. increased its holdings in Silicon Motion Technology by 17.8% during the third quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer’s stock valued at $207,000 after buying an additional 112 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. increased its holdings in Silicon Motion Technology by 33.5% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 658 shares of the semiconductor producer’s stock valued at $184,000 after buying an additional 165 shares during the period. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Down 5.6%

Shares of NASDAQ:SIMO traded down $10.05 during trading on Friday, reaching $169.45. The stock had a trading volume of 718,402 shares, compared to its average volume of 1,085,718. Silicon Motion Technology Corporation has a one year low of $79.76 and a one year high of $355.00. The company has a market capitalization of $5.75 billion, a P/E ratio of 18.26, a PEG ratio of 0.32 and a beta of 1.78. The company has a current ratio of 5.68, a quick ratio of 3.65 and a debt-to-equity ratio of 1.00. The firm’s 50-day simple moving average is $234.74 and its 200 day simple moving average is $216.66.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $1.05. The firm had revenue of $560.22 million for the quarter, compared to the consensus estimate of $529.10 million. Silicon Motion Technology had a net margin of 19.36% and a return on equity of 32.29%. The company’s quarterly revenue was up 131.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 EPS. As a group, research analysts expect that Silicon Motion Technology Corporation will post 10.20 EPS for the current fiscal year.

Silicon Motion Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be paid a $0.5750 dividend. This represents a $2.30 annualized dividend and a yield of 1.4%. This is a positive change from Silicon Motion Technology’s previous quarterly dividend of $0.50. The ex-dividend date is Thursday, November 5th. Silicon Motion Technology’s payout ratio is 24.68%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Roth Capital reissued a “buy” rating and issued a $350.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Craig Hallum reaffirmed a “buy” rating and set a $325.00 target price on shares of Silicon Motion Technology in a research report on Friday, July 31st. B. Riley Financial cut their price target on Silicon Motion Technology from $310.00 to $290.00 and set a “buy” rating on the stock in a report on Monday, November 9th. Needham & Company LLC boosted their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, China Renaissance started coverage on Silicon Motion Technology in a research note on Wednesday, October 28th. They set a “buy” rating and a $300.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $328.75.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory. The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.