1492 Capital Management LLC Makes New Investment in Silicon Motion Technology Co. (NASDAQ:SIMO)

1492 Capital Management LLC bought a new stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 30,622 shares of the semiconductor producer's stock, valued at approximately $1,655,000. 1492 Capital Management LLC owned 0.09% of Silicon Motion Technology as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the company. Pertento Partners LLP grew its stake in Silicon Motion Technology by 31.2% in the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after purchasing an additional 277,462 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares during the period. Oddo BHF Asset Management Sas bought a new stake in shares of Silicon Motion Technology during the third quarter valued at about $13,211,000. Lord Abbett & CO. LLC lifted its holdings in Silicon Motion Technology by 21.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer's stock worth $67,051,000 after purchasing an additional 196,609 shares during the period. Finally, Invesco Ltd. grew its position in Silicon Motion Technology by 22.8% in the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after buying an additional 192,646 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SIMO has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $70.00 price objective on shares of Silicon Motion Technology in a research note on Friday, February 7th. StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.63.

Silicon Motion Technology Stock Up 7.1 %

Shares of SIMO traded up $2.79 during mid-day trading on Wednesday, reaching $42.19. The company's stock had a trading volume of 221,530 shares, compared to its average volume of 361,882. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. The business has a fifty day moving average of $50.07 and a 200 day moving average of $53.23.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. On average, analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its board has approved a stock buyback program on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Silicon Motion Technology Profile

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.