Zweig DiMenna Associates LLC Buys New Stake in Silicon Motion Technology Corporation (SIMO)

Zweig DiMenna Associates LLC bought a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 85,000 shares of the semiconductor producer’s stock, valued at approximately $4,083,000. Zweig DiMenna Associates LLC owned about 0.24% of Silicon Motion Technology Corporation at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. AXA purchased a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth about $8,066,000. Sloane Robinson LLP grew its holdings in shares of Silicon Motion Technology Corporation by 134.4% during the second quarter. Sloane Robinson LLP now owns 503,500 shares of the semiconductor producer’s stock worth $24,284,000 after buying an additional 288,700 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of Silicon Motion Technology Corporation by 8.9% during the second quarter. TIAA CREF Investment Management LLC now owns 447,867 shares of the semiconductor producer’s stock worth $21,601,000 after buying an additional 36,676 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Silicon Motion Technology Corporation by 5.6% during the second quarter. Janney Montgomery Scott LLC now owns 21,157 shares of the semiconductor producer’s stock worth $1,020,000 after buying an additional 1,119 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Silicon Motion Technology Corporation by 118.8% during the second quarter. Acadian Asset Management LLC now owns 575,025 shares of the semiconductor producer’s stock worth $27,734,000 after buying an additional 312,224 shares in the last quarter. Institutional investors own 79.52% of the company’s stock.

A number of brokerages have recently commented on SIMO. B. Riley reiterated a “buy” rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Lake Street Capital reiterated a “buy” rating and set a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, August 8th. Roth Capital lowered their price target on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. Craig Hallum reiterated a “buy” rating and set a $60.00 price target (down from $67.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $57.67.

Silicon Motion Technology Corporation (NASDAQ SIMO) traded up $0.01 on Monday, reaching $47.17. 231,800 shares of the company’s stock traded hands, compared to its average volume of 618,091. Silicon Motion Technology Corporation has a 12 month low of $37.37 and a 12 month high of $55.68. The stock has a market capitalization of $1,666.42, a P/E ratio of 17.93 and a beta of 0.64.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its quarterly earnings data on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Silicon Motion Technology Corporation had a net margin of 17.18% and a return on equity of 19.58%. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $127.24 million. During the same period in the previous year, the firm earned $1.07 earnings per share. Silicon Motion Technology Corporation’s revenue for the quarter was down 19.8% on a year-over-year basis. sell-side analysts anticipate that Silicon Motion Technology Corporation will post 2.46 EPS for the current fiscal year.

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

The firm 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 an increase from Silicon Motion Technology Corporation’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 2.54%. The ex-dividend date is Wednesday, November 8th. Silicon Motion Technology Corporation’s payout ratio is currently 35.04%.

TRADEMARK VIOLATION NOTICE: This article was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this article on another website, it was copied illegally and reposted in violation of US & international copyright & trademark law. The correct version of this article can be viewed at https://ledgergazette.com/2017/11/13/zweig-dimenna-associates-llc-buys-new-stake-in-silicon-motion-technology-corporation-simo.html.

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.

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 Corporation (NASDAQ:SIMO).

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

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

Leave a Reply