Renaissance Group LLC Has $2.06 Million Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Renaissance Group LLC trimmed its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 4.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,183 shares of the semiconductor producer’s stock after selling 1,650 shares during the period. Renaissance Group LLC’s holdings in Silicon Motion Technology were worth $2,064,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Silicon Motion Technology by 0.7% in the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock valued at $2,183,000 after buying an additional 253 shares during the period. Quadrant Capital Group LLC raised its holdings in Silicon Motion Technology by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock valued at $214,000 after acquiring an additional 267 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock worth $306,000 after acquiring an additional 453 shares during the period. Inspire Advisors LLC grew its holdings in shares of Silicon Motion Technology by 3.7% during the 4th quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer’s stock worth $704,000 after purchasing an additional 467 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after purchasing an additional 484 shares during the period. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Down 6.7 %

NASDAQ:SIMO opened at $38.97 on Wednesday. The firm has a market cap of $1.31 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 12 month low of $37.00 and a 12 month high of $85.87. The company’s 50-day moving average price is $53.12 and its two-hundred day moving average price is $54.65.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. On average, research analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.13%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 74.35%.

Silicon Motion Technology announced that its Board of Directors has approved a share repurchase program on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

SIMO has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and set a $70.00 price target on shares of Silicon Motion Technology in a research note on Friday, February 7th. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Finally, StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.63.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company 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.