Nationwide Fund Advisors Has $1.72 Million Holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Nationwide Fund Advisors reduced its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 31.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,613 shares of the semiconductor producer’s stock after selling 16,554 shares during the period. Nationwide Fund Advisors owned 0.10% of Silicon Motion Technology Corporation worth $1,718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. First Trust Advisors LP grew its position in Silicon Motion Technology Corporation by 20.7% during the first quarter. First Trust Advisors LP now owns 10,970 shares of the semiconductor producer’s stock worth $513,000 after buying an additional 1,878 shares in the last quarter. US Bancorp DE grew its position in Silicon Motion Technology Corporation by 71.5% during the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares in the last quarter. Sei Investments Co. grew its position in Silicon Motion Technology Corporation by 4.7% during the first quarter. Sei Investments Co. now owns 6,106 shares of the semiconductor producer’s stock worth $286,000 after buying an additional 275 shares in the last quarter. Ameriprise Financial Inc. grew its position in Silicon Motion Technology Corporation by 34.7% during the first quarter. Ameriprise Financial Inc. now owns 64,259 shares of the semiconductor producer’s stock worth $3,004,000 after buying an additional 16,552 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Silicon Motion Technology Corporation by 31.6% during the first quarter. Parametric Portfolio Associates LLC now owns 98,063 shares of the semiconductor producer’s stock worth $4,584,000 after buying an additional 23,551 shares in the last quarter. Institutional investors own 79.42% of the company’s stock.

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SIMO has been the topic of a number of recent research reports. BidaskClub downgraded Silicon Motion Technology Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Loop Capital reduced their target price on Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, July 10th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price (up from $54.00) on shares of Silicon Motion Technology Corporation in a report on Monday, October 9th. B. Riley reissued a “buy” rating and issued a $68.75 target price on shares of Silicon Motion Technology Corporation in a report on Saturday, July 15th. Finally, Roth Capital boosted their price objective on shares of Silicon Motion Technology Corporation from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $57.67.

Silicon Motion Technology Corporation (SIMO) opened at 48.80 on Friday. The company has a 50-day moving average of $48.82 and a 200-day moving average of $47.49. Silicon Motion Technology Corporation has a 52 week low of $37.37 and a 52 week high of $55.68. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 16.50 and a beta of 0.70.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its quarterly earnings results on Thursday, October 26th. The semiconductor producer reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The company had revenue of $127.20 million during the quarter, compared to analyst estimates of $127.24 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. Silicon Motion Technology Corporation’s quarterly revenue was down 19.8% compared to the same quarter last year. During the same period last year, the business earned $1.07 EPS. On average, equities analysts forecast that Silicon Motion Technology Corporation will post $2.69 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, November 9th will be paid a dividend of $0.30 per share. This is a positive change from Silicon Motion Technology Corporation’s previous quarterly dividend of $0.20. This represents a $1.20 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Wednesday, November 8th. Silicon Motion Technology Corporation’s dividend payout ratio (DPR) is currently 26.60%.

Silicon Motion Technology Corporation announced that its board has authorized a share repurchase plan on Monday, July 31st that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Silicon Motion Technology Corporation Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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

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