CastleKnight Management LP Lowers Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

CastleKnight Management LP lowered its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 79.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,924 shares of the semiconductor producer's stock after selling 19,400 shares during the quarter. CastleKnight Management LP's holdings in Silicon Motion Technology were worth $266,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pertento Partners LLP increased its holdings in shares of 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 during the last quarter. Wellington Management Group LLP increased its stake in Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock worth $43,088,000 after acquiring an additional 228,333 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Silicon Motion Technology by 20.0% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after acquiring an additional 221,017 shares in the last quarter. Invesco Ltd. boosted its position in shares of Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after acquiring an additional 192,646 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Silicon Motion Technology by 33.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock valued at $41,263,000 after purchasing an additional 192,603 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $52.49 on Wednesday. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 1.36 and a beta of 0.72. The company has a 50-day moving average of $48.20 and a 200 day moving average of $52.49. Silicon Motion Technology Co. has a 1-year low of $37.21 and a 1-year high of $85.87.

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

Silicon Motion Technology declared that its Board of Directors has initiated 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 stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Needham & Company LLC lowered their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. B. Riley boosted their target price on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Finally, Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target for the company in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.88.

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.

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