Denver Investment Advisors LLC purchased a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) during the second quarter, according to its most recent filing with the SEC. The fund purchased 108,820 shares of the semiconductor producer’s stock, valued at approximately $5,249,000. Denver Investment Advisors LLC owned approximately 0.30% of Silicon Motion Technology Corporation as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in Silicon Motion Technology Corporation by 8.5% in the first quarter. Wellington Management Group LLP now owns 2,489,838 shares of the semiconductor producer’s stock worth $116,400,000 after buying an additional 194,518 shares during the period. Lazard Asset Management LLC raised its position in Silicon Motion Technology Corporation by 10.1% in the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock worth $76,650,000 after buying an additional 150,619 shares during the period. ARGA Investment Management LP purchased a new position in Silicon Motion Technology Corporation during the first quarter worth approximately $55,464,000. Investec Asset Management LTD raised its position in Silicon Motion Technology Corporation by 5.8% in the first quarter. Investec Asset Management LTD now owns 1,119,187 shares of the semiconductor producer’s stock worth $52,322,000 after buying an additional 61,201 shares during the period. Finally, Columbia Wanger Asset Management LLC purchased a new position in Silicon Motion Technology Corporation during the first quarter worth approximately $36,231,000. Hedge funds and other institutional investors own 84.49% of the company’s stock.
Shares of Silicon Motion Technology Corporation (SIMO) opened at 42.90 on Thursday. The company has a market capitalization of $1.53 billion, a P/E ratio of 14.50 and a beta of 0.68. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $56.25. The firm has a 50-day moving average of $43.97 and a 200 day moving average of $45.86.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.73 by $0.04. The company had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. On average, analysts anticipate that Silicon Motion Technology Corporation will post $2.67 EPS for the current year.
Silicon Motion Technology Corporation announced that its Board of Directors has approved a stock repurchase plan 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 plans are generally an indication that the company’s management believes its stock is undervalued.
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SIMO has been the subject of a number of recent analyst reports. Pacific Crest boosted their price target on shares of Silicon Motion Technology Corporation from $51.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, May 1st. Needham & Company LLC restated a “buy” rating and set a $54.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Friday, July 7th. B. Riley restated a “buy” rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a research report on Monday, August 7th. Lake Street Capital restated a “buy” rating and set a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Tuesday, August 8th. Finally, Standpoint Research downgraded shares of Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $56.84.
About Silicon Motion Technology Corporation
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.
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