Millennium Management LLC Lowers Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Millennium Management LLC lessened its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 21.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 613,751 shares of the semiconductor producer's stock after selling 169,997 shares during the quarter. Millennium Management LLC owned approximately 1.82% of Silicon Motion Technology worth $33,173,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Perigon Wealth Management LLC purchased a new stake in Silicon Motion Technology in the fourth quarter worth $431,000. Rhumbline Advisers lifted its stake in Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after acquiring an additional 453 shares during the period. Choreo LLC purchased a new stake in Silicon Motion Technology in the fourth quarter worth $209,000. Blue Trust Inc. lifted its stake 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 worth $122,000 after acquiring an additional 883 shares during the period. Finally, Sei Investments Co. lifted its stake in Silicon Motion Technology by 7.1% in the fourth quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock worth $3,179,000 after acquiring an additional 3,875 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Stock Down 2.1%

Shares of Silicon Motion Technology stock traded down $1.37 during trading hours on Friday, reaching $63.70. 470,664 shares of the stock traded hands, compared to its average volume of 385,036. The company has a 50 day moving average price of $49.92 and a 200 day moving average price of $52.90. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a one year low of $37.21 and a one year high of $85.87.

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, beating analysts' consensus estimates of $0.44 by $0.16. The business 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 business's quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 EPS. Sell-side analysts anticipate that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its board has authorized a share 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 purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SIMO shares. Wall Street Zen lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a report on Wednesday, April 23rd. Wedbush reiterated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Needham & Company LLC reduced 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, B. Riley raised their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $75.88.

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.