Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 694,400 shares, an increase of 30.7% from the August 15th total of 531,400 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily volume of 374,500 shares, the short-interest ratio is presently 1.9 days.
Silicon Motion Technology Stock Down 1.8 %
NASDAQ SIMO traded down $1.30 on Thursday, reaching $70.56. The stock had a trading volume of 251,726 shares, compared to its average volume of 586,707. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 10.92, a P/E/G ratio of 1.15 and a beta of 0.99. Silicon Motion Technology has a 12-month low of $64.41 and a 12-month high of $98.65. The stock has a fifty day moving average price of $80.10 and a two-hundred day moving average price of $80.28.
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Silicon Motion Technology Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date was Wednesday, August 10th. Silicon Motion Technology's payout ratio is 30.80%.
Institutional Trading of Silicon Motion Technology
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of Silicon Motion Technology by 19.1% during the fourth quarter. Invesco Ltd. now owns 133,066 shares of the semiconductor producer's stock worth $12,645,000 after acquiring an additional 21,369 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Silicon Motion Technology by 1,511.6% during the first quarter. Assenagon Asset Management S.A. now owns 146,251 shares of the semiconductor producer's stock worth $9,772,000 after acquiring an additional 137,176 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Silicon Motion Technology during the first quarter worth $2,666,000. Cetera Investment Advisers increased its position in shares of Silicon Motion Technology by 3.8% during the fourth quarter. Cetera Investment Advisers now owns 6,290 shares of the semiconductor producer's stock worth $598,000 after acquiring an additional 228 shares during the period. Finally, Thomas White International Ltd. grew its stake in shares of Silicon Motion Technology by 4.3% during the fourth quarter. Thomas White International Ltd. now owns 131,458 shares of the semiconductor producer's stock worth $12,492,000 after purchasing an additional 5,436 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company's stock.
Analysts Set New Price Targets
Several research analysts have recently weighed in on SIMO shares. Wedbush lowered their target price on Silicon Motion Technology from $115.00 to $110.00 in a report on Thursday, July 28th. B. Riley lowered their target price on Silicon Motion Technology from $114.00 to $107.00 in a report on Monday, August 1st. Finally, StockNews.com upgraded Silicon Motion Technology from a "hold" rating to a "buy" rating in a report on Monday. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $106.17.
About Silicon Motion Technology
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Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It 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.
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- Get a free copy of the StockNews.com research report on Silicon Motion Technology (SIMO)
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