Man Group plc lowered its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 67.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,897 shares of the semiconductor producer's stock after selling 232,164 shares during the quarter. Man Group plc owned approximately 0.33% of Silicon Motion Technology worth $6,048,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also modified their holdings of SIMO. Blue Trust Inc. increased its holdings in 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 buying an additional 883 shares in the last quarter. LRI Investments LLC increased its stake in Silicon Motion Technology by 519.0% in the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock valued at $164,000 after purchasing an additional 2,543 shares in the last quarter. Virtu Financial LLC acquired a new position in Silicon Motion Technology during the fourth quarter worth $208,000. Choreo LLC acquired a new position in shares of Silicon Motion Technology during the 4th quarter worth $209,000. Finally, Quadrant Capital Group LLC boosted its position in shares of Silicon Motion Technology by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock worth $214,000 after buying an additional 267 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.
Silicon Motion Technology Stock Down 2.1%
Shares of NASDAQ SIMO traded down $1.37 during trading on Monday, hitting $63.70. 470,664 shares of the company traded hands, compared to its average volume of 385,036. The firm has a market capitalization of $2.16 billion, a P/E ratio of 23.68, a P/E/G ratio of 1.36 and a beta of 0.72. The company has a 50-day moving average price of $49.92 and a 200-day moving average price of $52.88. 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 posted its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm's quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 earnings per share. Research analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.
Silicon Motion Technology declared that its Board of Directors has approved a share buyback program on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
Several analysts have issued reports on SIMO shares. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Wall Street Zen lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. B. Riley increased their target price on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Needham & Company LLC cut their price target on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of "Moderate Buy" and a consensus price target of $75.88.
Read Our Latest Stock Report on SIMO
About Silicon Motion Technology
(
Free Report)
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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