Adage Capital Partners GP L.L.C. Cuts Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Adage Capital Partners GP L.L.C. reduced its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 29.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 628,210 shares of the semiconductor producer's stock after selling 265,227 shares during the period. Adage Capital Partners GP L.L.C. owned about 1.87% of Silicon Motion Technology worth $33,955,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SIMO. JPMorgan Chase & Co. increased its holdings in Silicon Motion Technology by 21.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer's stock worth $12,149,000 after acquiring an additional 35,741 shares in the last quarter. Perigon Wealth Management LLC acquired a new position in shares of Silicon Motion Technology during the 4th quarter worth about $431,000. Rhumbline Advisers boosted its holdings in Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after buying an additional 453 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 64.7% in the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after acquiring an additional 883 shares in the last quarter. Finally, 272 Capital LP increased its position in shares of Silicon Motion Technology by 55.3% during the third quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer's stock worth $6,158,000 after purchasing an additional 36,092 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Up 13.5 %

NASDAQ SIMO traded up $6.10 during trading hours on Wednesday, hitting $51.26. 665,410 shares of the company were exchanged, compared to its average volume of 367,442. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 1.36 and a beta of 0.81. The company has a 50 day moving average of $48.67 and a two-hundred day moving average of $52.68. Silicon Motion Technology Co. has a 52-week low of $37.21 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The firm's quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 earnings per share. On average, equities research analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on SIMO shares. StockNews.com lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a research note on Wednesday, April 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $70.00 price target on shares of Silicon Motion Technology in a research report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.00.

Silicon Motion Technology Company 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.