Janus Henderson Group PLC Cuts Stake in Silicon Motion Technology Corp. (SIMO)
Janus Henderson Group PLC cut its position in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 44.5% during the third quarter, HoldingsChannel.com reports. The firm owned 398,655 shares of the semiconductor producer’s stock after selling 319,818 shares during the period. Janus Henderson Group PLC’s holdings in Silicon Motion Technology were worth $21,404,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. EAM Global Investors LLC purchased a new stake in shares of Silicon Motion Technology in the 3rd quarter valued at about $1,432,000. Alliancebernstein L.P. increased its position in Silicon Motion Technology by 70.8% during the 3rd quarter. Alliancebernstein L.P. now owns 8,610 shares of the semiconductor producer’s stock worth $462,000 after purchasing an additional 3,570 shares during the period. JPMorgan Chase & Co. increased its position in Silicon Motion Technology by 25.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,206,624 shares of the semiconductor producer’s stock worth $64,796,000 after purchasing an additional 247,658 shares during the period. Opus Capital Group LLC boosted its stake in shares of Silicon Motion Technology by 96.2% during the 3rd quarter. Opus Capital Group LLC now owns 11,837 shares of the semiconductor producer’s stock worth $635,000 after acquiring an additional 5,804 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter worth approximately $121,000. 73.36% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on SIMO. Cowen raised Silicon Motion Technology from a “market perform” rating to an “outperform” rating and set a $53.00 target price on the stock in a research note on Wednesday, August 15th. BidaskClub lowered Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 8th. Morgan Stanley raised Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and set a $59.00 price target on the stock in a research note on Friday, September 21st. KeyCorp assumed coverage on Silicon Motion Technology in a research note on Tuesday, September 25th. They set a “sector weight” rating and a $60.00 price target on the stock. Finally, Zacks Investment Research raised Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Monday, October 8th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. Silicon Motion Technology currently has an average rating of “Hold” and a consensus price target of $56.15.
Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, October 30th. The semiconductor producer reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.07. The business had revenue of $138.60 million during the quarter, compared to the consensus estimate of $137.36 million. Silicon Motion Technology had a return on equity of 17.92% and a net margin of 17.10%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. Research analysts predict that Silicon Motion Technology Corp. will post 2.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 23rd. Stockholders of record on Friday, November 9th were issued a dividend of $0.30 per share. The ex-dividend date was Thursday, November 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.29%. Silicon Motion Technology’s payout ratio is 56.94%.
Silicon Motion Technology announced that its board has approved a share repurchase program on Wednesday, November 21st that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor producer to purchase up to 15.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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Silicon Motion Technology Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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