Hawk Ridge Capital Management LP Has $131.75 Million Stake in Silicon Motion Technology Corporation $SIMO

Hawk Ridge Capital Management LP increased its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 48.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,173,315 shares of the semiconductor producer’s stock after buying an additional 385,568 shares during the quarter. Silicon Motion Technology accounts for 4.8% of Hawk Ridge Capital Management LP’s portfolio, making the stock its 5th biggest holding. Hawk Ridge Capital Management LP’s holdings in Silicon Motion Technology were worth $131,752,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SIMO. Maverick Capital Ltd. bought a new stake in shares of Silicon Motion Technology in the 1st quarter worth approximately $827,000. Quantinno Capital Management LP acquired a new stake in shares of Silicon Motion Technology during the 1st quarter worth approximately $212,000. Polar Asset Management Partners Inc. bought a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $3,169,000. Lazard Asset Management LLC increased its position in shares of Silicon Motion Technology by 3.1% during the first quarter. Lazard Asset Management LLC now owns 781,981 shares of the semiconductor producer’s stock valued at $87,809,000 after purchasing an additional 23,403 shares during the period. Finally, Gateway Wealth Partners LLC acquired a new position in shares of Silicon Motion Technology in the first quarter valued at $443,000. 78.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SIMO has been the subject of several research reports. Roth Capital reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Wedbush increased their price objective on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Finally, Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and an average target price of $246.43.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $244.45 on Tuesday. The business’s fifty day moving average price is $291.08 and its two-hundred day moving average price is $193.84. Silicon Motion Technology Corporation has a fifty-two week low of $71.35 and a fifty-two week high of $355.00. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 48.60, a price-to-earnings-growth ratio of 0.60 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The company had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business’s revenue was up 105.5% on a year-over-year basis. During the same period last year, the business earned $0.60 earnings per share. Research analysts expect that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $2.00 annualized dividend and a dividend yield of 0.8%. Silicon Motion Technology’s dividend payout ratio is presently 39.56%.

Insider Activity

In related news, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the sale, the director owned 8,500 shares in the company, valued at $2,592,500. This trade represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This represents a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by insiders.

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.