Silicon Motion Technology Co. (NASDAQ:SIMO) saw a significant growth in short interest in August. As of August 13th, there was short interest totalling 972,800 shares, a growth of 23.0% from the July 29th total of 791,000 shares. Currently, 2.8% of the company’s shares are sold short. Based on an average daily trading volume, of 335,200 shares, the days-to-cover ratio is currently 2.9 days.
SIMO has been the subject of a number of analyst reports. B. Riley upped their price objective on shares of Silicon Motion Technology from $94.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, August 2nd. Cowen upped their target price on Silicon Motion Technology from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, August 2nd. Craig Hallum upped their target price on Silicon Motion Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Monday, August 2nd. Morgan Stanley upgraded Silicon Motion Technology from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $68.00 to $78.00 in a report on Thursday, August 12th. Finally, Needham & Company LLC upped their target price on Silicon Motion Technology from $100.00 to $115.00 and gave the company a “buy” rating in a report on Monday, August 2nd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $88.63.
Shares of Silicon Motion Technology stock opened at $73.46 on Tuesday. The stock has a market capitalization of $2.57 billion, a P/E ratio of 23.38, a PEG ratio of 1.70 and a beta of 1.12. The stock has a 50 day moving average price of $67.63 and a two-hundred day moving average price of $65.37. Silicon Motion Technology has a 12-month low of $35.13 and a 12-month high of $81.87.
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The business also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Shareholders of record on Thursday, August 5th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $1.40 dividend on an annualized basis and a yield of 1.91%. Silicon Motion Technology’s payout ratio is currently 60.96%.
A number of institutional investors have recently made changes to their positions in SIMO. Quantbot Technologies LP bought a new stake in Silicon Motion Technology during the first quarter worth approximately $27,000. Employees Retirement System of Texas bought a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $67,000. Cullen Frost Bankers Inc. bought a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $71,000. Heritage Wealth Management LLC boosted its position in shares of Silicon Motion Technology by 57.7% in the second quarter. Heritage Wealth Management LLC now owns 1,424 shares of the semiconductor producer’s stock valued at $91,000 after acquiring an additional 521 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Silicon Motion Technology by 40.6% in the first quarter. Bank of Montreal Can now owns 1,429 shares of the semiconductor producer’s stock valued at $99,000 after acquiring an additional 413 shares during the period. 61.68% of the stock is owned by hedge funds and other institutional investors.
About Silicon Motion Technology
Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.
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