Westfield Capital Management Co. LP Invests $25.01 Million in Silicon Motion Technology Co. (NASDAQ:SIMO)

Westfield Capital Management Co. LP purchased a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 408,149 shares of the semiconductor producer’s stock, valued at approximately $25,007,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after buying an additional 444 shares in the last quarter. CVA Family Office LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $65,000. Assetmark Inc. increased its position in Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after purchasing an additional 342 shares during the last quarter. Covestor Ltd raised its stake in Silicon Motion Technology by 76.9% during the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after purchasing an additional 777 shares during the period. Finally, Wolverine Asset Management LLC boosted its holdings in Silicon Motion Technology by 1,499.5% in the 3rd quarter. Wolverine Asset Management LLC now owns 3,199 shares of the semiconductor producer’s stock valued at $164,000 after purchasing an additional 2,999 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

Shares of SIMO traded up $0.51 during midday trading on Friday, hitting $78.69. The company had a trading volume of 239,598 shares, compared to its average volume of 414,675. The company’s 50-day simple moving average is $76.46 and its 200-day simple moving average is $68.13. Silicon Motion Technology Co. has a 1 year low of $49.50 and a 1 year high of $95.33. The firm has a market capitalization of $2.65 billion, a P/E ratio of 44.71, a P/E/G ratio of 0.74 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 EPS for the quarter, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $189.31 million during the quarter, compared to analysts’ expectations of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. Equities analysts predict that Silicon Motion Technology Co. will post 2.77 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of recent analyst reports. B. Riley raised their price target on shares of Silicon Motion Technology from $101.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Craig Hallum increased their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Susquehanna boosted their price objective on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a report on Monday, May 6th. Morgan Stanley raised shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $59.00 to $88.00 in a research note on Monday, May 6th. Finally, StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Silicon Motion Technology currently has an average rating of “Buy” and an average price target of $91.13.

About Silicon Motion Technology

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.