Man Group plc Decreases Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Man Group plc lowered its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 67.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 111,897 shares of the semiconductor producer's stock after selling 232,164 shares during the period. Man Group plc owned 0.33% of Silicon Motion Technology worth $6,048,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC raised its position in shares of Silicon Motion Technology by 51.7% in the 4th quarter. Lazard Asset Management LLC now owns 35,493 shares of the semiconductor producer's stock worth $1,918,000 after acquiring an additional 12,089 shares in the last quarter. LRI Investments LLC raised its position in shares of Silicon Motion Technology by 519.0% in the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock worth $164,000 after acquiring an additional 2,543 shares in the last quarter. Graham Capital Management L.P. raised its position in shares of Silicon Motion Technology by 62.6% in the 4th quarter. Graham Capital Management L.P. now owns 27,554 shares of the semiconductor producer's stock worth $1,489,000 after acquiring an additional 10,610 shares in the last quarter. Balyasny Asset Management L.P. increased its position in Silicon Motion Technology by 406.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 190,707 shares of the semiconductor producer's stock valued at $10,308,000 after buying an additional 153,064 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in Silicon Motion Technology by 124.6% during the 4th quarter. Ameriprise Financial Inc. now owns 6,430 shares of the semiconductor producer's stock valued at $345,000 after buying an additional 32,576 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SIMO shares. B. Riley raised their price objective 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. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a research report on Wednesday, April 23rd. Wedbush reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Needham & Company LLC reduced their target price 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, Wall Street Zen lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Silicon Motion Technology currently has an average rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Stock Performance

Shares of SIMO stock traded down $1.37 on Friday, reaching $63.70. The stock had a trading volume of 470,664 shares, compared to its average volume of 384,455. The stock has a market cap of $2.16 billion, a P/E ratio of 23.68, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87. The company has a 50 day simple moving average of $49.74 and a 200 day simple moving average of $52.85.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released 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 firm had revenue of $166.49 million for 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 company's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. On average, equities research 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 has authorized a stock buyback plan on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.

About Silicon Motion Technology

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.