Bank of Montreal Can purchased a new position in shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) in the 1st quarter, Holdings Channel reports. The firm purchased 27,128 shares of the semiconductor producer’s stock, valued at approximately $1,075,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SIMO. Yiheng Capital LLC grew its holdings in Silicon Motion Technology by 88.7% during the 4th quarter. Yiheng Capital LLC now owns 821,513 shares of the semiconductor producer’s stock worth $28,342,000 after acquiring an additional 386,212 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of 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 buying an additional 247,658 shares in the last quarter. Investec Asset Management LTD boosted its holdings in shares of Silicon Motion Technology by 15.3% in the 4th quarter. Investec Asset Management LTD now owns 1,667,213 shares of the semiconductor producer’s stock valued at $57,519,000 after buying an additional 220,976 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Silicon Motion Technology by 8.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,733,523 shares of the semiconductor producer’s stock valued at $94,307,000 after buying an additional 203,157 shares in the last quarter. Finally, ARGA Investment Management LP boosted its holdings in shares of Silicon Motion Technology by 10.0% in the 4th quarter. ARGA Investment Management LP now owns 1,922,113 shares of the semiconductor producer’s stock valued at $66,313,000 after buying an additional 175,382 shares in the last quarter. Institutional investors own 72.38% of the company’s stock.

SIMO has been the subject of several research analyst reports. Morgan Stanley cut shares of Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a report on Monday, April 22nd. Craig Hallum restated a “buy” rating and issued a $52.00 target price (down previously from $55.00) on shares of Silicon Motion Technology in a report on Monday, January 28th. B. Riley upped their target price on shares of Silicon Motion Technology from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, May 6th. Cowen restated an “outperform” rating and issued a $45.00 target price (up previously from $43.00) on shares of Silicon Motion Technology in a report on Monday, May 6th. Finally, Zacks Investment Research cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, February 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Silicon Motion Technology currently has an average rating of “Buy” and a consensus target price of $50.95.

Shares of NASDAQ:SIMO opened at $37.80 on Friday. The firm has a market cap of $1.41 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 3.64 and a beta of 1.03. Silicon Motion Technology Corp. has a 1-year low of $31.73 and a 1-year high of $61.85.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.07. The firm had revenue of $94.69 million during the quarter, compared to analysts’ expectations of $93.23 million. Silicon Motion Technology had a net margin of 17.28% and a return on equity of 19.04%. Silicon Motion Technology’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 EPS. Analysts forecast that Silicon Motion Technology Corp. will post 2.12 earnings per share for the current year.

The firm also recently declared a dividend, which will be paid on Friday, May 24th. Investors of record on Thursday, May 9th will be paid a dividend of $0.298 per share. The ex-dividend date is Wednesday, May 8th. This is a boost from Silicon Motion Technology’s previous dividend of $0.20. Silicon Motion Technology’s dividend payout ratio is currently 34.90%.

TRADEMARK VIOLATION WARNING: “Bank of Montreal Can Purchases Shares of 27,128 Silicon Motion Technology Corp. (SIMO)” was first reported by TheOlympiaReport and is the property of of TheOlympiaReport. If you are accessing this piece on another website, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The original version of this piece can be accessed at https://theolympiareport.com/2019/05/24/bank-of-montreal-can-purchases-shares-of-27128-silicon-motion-technology-corp-simo.html.

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.

Recommended Story: Penny Stocks, Risk and Reward Factors

Want to see what other hedge funds are holding SIMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Silicon Motion Technology Corp. (NASDAQ:SIMO).

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

Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.