Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) was the recipient of a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 694,000 shares, an increase of 38.7% from the May 15th total of 500,300 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily volume of 872,800 shares, the short-interest ratio is presently 0.8 days.
A number of research analysts have weighed in on SIMO shares. B. Riley downgraded Silicon Motion Technology from a “buy” rating to a “neutral” rating in a report on Friday, May 6th. Susquehanna Bancshares downgraded Silicon Motion Technology from a “positive” rating to a “neutral” rating in a report on Thursday, May 5th. Roth Capital downgraded Silicon Motion Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, May 5th. Susquehanna cut Silicon Motion Technology from a “positive” rating to a “neutral” rating in a research report on Thursday, May 5th. Finally, StockNews.com cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $103.43.
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SIMO stock traded down $0.32 during trading on Wednesday, reaching $87.75. The company’s stock had a trading volume of 588 shares, compared to its average volume of 707,843. Silicon Motion Technology has a 1 year low of $58.86 and a 1 year high of $98.65. The company has a market capitalization of $3.02 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.35 and a beta of 1.00. The company’s fifty day moving average is $85.31 and its 200-day moving average is $81.70.
Silicon Motion Technology (NASDAQ:SIMO – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The semiconductor producer reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.19. The business had revenue of $242.00 million during the quarter, compared to analyst estimates of $239.46 million. Silicon Motion Technology had a return on equity of 33.47% and a net margin of 22.42%. Silicon Motion Technology’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 EPS. On average, equities analysts forecast that Silicon Motion Technology will post 7.51 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Wednesday, May 11th. Silicon Motion Technology’s dividend payout ratio is presently 31.44%.
Several institutional investors have recently bought and sold shares of the company. Strategic Wealth Partners Ltd. increased its holdings in Silicon Motion Technology by 31.9% during the first quarter. Strategic Wealth Partners Ltd. now owns 41,648 shares of the semiconductor producer’s stock valued at $2,783,000 after buying an additional 10,079 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Silicon Motion Technology by 76.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 94,996 shares of the semiconductor producer’s stock worth $6,348,000 after purchasing an additional 41,020 shares during the last quarter. Worth Venture Partners LLC grew its stake in Silicon Motion Technology by 11.4% during the 1st quarter. Worth Venture Partners LLC now owns 93,572 shares of the semiconductor producer’s stock valued at $6,252,000 after acquiring an additional 9,600 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Silicon Motion Technology by 4.3% during the 1st quarter. Advisors Asset Management Inc. now owns 43,048 shares of the semiconductor producer’s stock valued at $2,876,000 after acquiring an additional 1,756 shares in the last quarter. Finally, Penn Capital Management Company LLC grew its stake in Silicon Motion Technology by 2.9% during the 1st quarter. Penn Capital Management Company LLC now owns 175,316 shares of the semiconductor producer’s stock valued at $12,395,000 after acquiring an additional 4,887 shares in the last quarter. 76.60% of the stock is owned by hedge funds and other institutional investors.
About Silicon Motion Technology (Get Rating)
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It 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.
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Read More: Silicon Motion Technology Co. (NASDAQ:SIMO) Short Interest Up 38.7% in May