William Blair Investment Management LLC trimmed its holdings in shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) by 58.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 276,472 shares of the semiconductor producer’s stock after selling 388,926 shares during the period. William Blair Investment Management LLC owned approximately 0.77% of Silicon Motion Technology worth $14,847,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in Silicon Motion Technology by 4.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,530,366 shares of the semiconductor producer’s stock valued at $135,881,000 after purchasing an additional 105,161 shares during the last quarter. JPMorgan Chase & Co. increased its position in Silicon Motion Technology by 25.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,206,624 shares of the semiconductor producer’s stock valued at $64,796,000 after acquiring an additional 247,658 shares in the last quarter. Janus Henderson Group PLC increased its position in Silicon Motion Technology by 3.2% in the 2nd quarter. Janus Henderson Group PLC now owns 718,473 shares of the semiconductor producer’s stock valued at $38,011,000 after acquiring an additional 22,141 shares in the last quarter. Investec Asset Management LTD increased its position in Silicon Motion Technology by 0.6% in the 2nd quarter. Investec Asset Management LTD now owns 445,556 shares of the semiconductor producer’s stock valued at $23,565,000 after acquiring an additional 2,781 shares in the last quarter. Finally, Systematic Financial Management LP increased its position in Silicon Motion Technology by 20.5% in the 2nd quarter. Systematic Financial Management LP now owns 385,936 shares of the semiconductor producer’s stock valued at $20,412,000 after acquiring an additional 65,721 shares in the last quarter. 73.36% of the stock is owned by institutional investors.

Shares of NASDAQ:SIMO opened at $36.49 on Thursday. Silicon Motion Technology Corp. has a one year low of $31.73 and a one year high of $61.85. The company has a market cap of $1.32 billion, a PE ratio of 17.46 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, October 30th. The semiconductor producer reported $0.95 EPS for the quarter, topping the consensus estimate of $0.88 by $0.07. Silicon Motion Technology had a net margin of 17.10% and a return on equity of 17.92%. The company had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $137.36 million. During the same quarter in the previous year, the company earned $0.57 EPS. Silicon Motion Technology’s revenue was up 9.0% on a year-over-year basis. Research analysts expect that Silicon Motion Technology Corp. will post 2.89 earnings per share for the current year.

Silicon Motion Technology announced that its Board of Directors has approved a stock repurchase program on Wednesday, November 21st that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor producer to buy up to 15.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 23rd. Stockholders of record on Friday, November 9th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Thursday, November 8th. Silicon Motion Technology’s dividend payout ratio is 56.94%.

Several equities research analysts have weighed in on SIMO shares. JPMorgan Chase & Co. set a $63.00 price objective on shares of Silicon Motion Technology and gave the company a “buy” rating in a research report on Wednesday, October 10th. Craig Hallum lowered their price objective on shares of Silicon Motion Technology from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, October 31st. ValuEngine cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. B. Riley lowered their price objective on shares of Silicon Motion Technology from $68.75 to $57.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Finally, Zacks Investment Research restated a “sell” rating on shares of Silicon Motion Technology in a research report on Thursday, November 15th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $56.15.

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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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Institutional Ownership by Quarter for Silicon Motion Technology (NASDAQ:SIMO)

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