Sunday, September 25

Short Interest in Silicon Motion Technology Co. (NASDAQ:SIMO) Drops By 42.1%



Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) saw a significant decrease in short interest in April. As of April 30th, there was short interest totalling 643,200 shares, a decrease of 42.1% from the April 15th total of 1,110,000 shares. Based on an average daily volume of 789,700 shares, the short-interest ratio is presently 0.8 days. Approximately 1.9% of the shares of the stock are sold short.

Several analysts have issued reports on the stock. Zacks Investment Research raised shares of Silicon Motion Technology from a “strong sell” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Wednesday, February 2nd. B. Riley downgraded shares of Silicon Motion Technology from a “buy” rating to a “neutral” rating in a report on Friday, May 6th. StockNews.com initiated coverage on shares of Silicon Motion Technology in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Cowen upped their price objective on shares of Silicon Motion Technology from $105.00 to $110.00 in a research note on Friday, January 28th. Finally, Roth Capital downgraded shares of Silicon Motion Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, May 5th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $101.13.

A number of hedge funds have recently modified their holdings of SIMO. Renaissance Group LLC increased its position in shares of Silicon Motion Technology by 10.9% in the first quarter. Renaissance Group LLC now owns 12,661 shares of the semiconductor producer’s stock worth $846,000 after acquiring an additional 1,248 shares in the last quarter. Easterly Investment Partners LLC increased its position in shares of Silicon Motion Technology by 43.8% in the first quarter. Easterly Investment Partners LLC now owns 98,332 shares of the semiconductor producer’s stock worth $6,571,000 after acquiring an additional 29,957 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Silicon Motion Technology by 44.4% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,900 shares of the semiconductor producer’s stock worth $261,000 after acquiring an additional 1,200 shares in the last quarter. Thomas White International Ltd. increased its position in shares of Silicon Motion Technology by 0.6% in the first quarter. Thomas White International Ltd. now owns 132,191 shares of the semiconductor producer’s stock worth $8,833,000 after acquiring an additional 733 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Silicon Motion Technology by 22.1% in the first quarter. First Trust Advisors LP now owns 27,428 shares of the semiconductor producer’s stock worth $1,833,000 after acquiring an additional 4,959 shares in the last quarter. 76.60% of the stock is owned by hedge funds and other institutional investors.

SIMO stock traded up $0.09 on Friday, hitting $91.94. 960,950 shares of the company were exchanged, compared to its average volume of 1,421,710. Silicon Motion Technology has a twelve month low of $58.86 and a twelve month high of $98.65. The business’s fifty day moving average is $75.89 and its two-hundred day moving average is $78.49. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.40 and a beta of 1.02.

Silicon Motion Technology (NASDAQ:SIMO – Get Rating) last issued its quarterly earnings results on Wednesday, May 4th. The semiconductor producer reported $1.72 EPS for the quarter, topping the consensus estimate of $1.37 by $0.35. Silicon Motion Technology had a net margin of 22.42% and a return on equity of 33.47%. The firm had revenue of $242.00 million during the quarter, compared to analyst estimates of $239.46 million. During the same quarter in the prior year, the business posted $0.98 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 32.7% compared to the same quarter last year. Sell-side analysts predict that Silicon Motion Technology will post 7.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 26th. Investors of record on Thursday, May 12th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.18%. The ex-dividend date is Wednesday, May 11th. Silicon Motion Technology’s dividend payout ratio (DPR) is 31.44%.

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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