North Star Investment Management Corp. Buys Shares of 5,400 Silicon Motion Technology Corporation (NASDAQ:SIMO)

North Star Investment Management Corp. bought a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,400 shares of the semiconductor producer's stock, valued at approximately $273,000.

Other hedge funds also recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock valued at $306,000 after purchasing an additional 453 shares during the last quarter. Choreo LLC acquired a new position in Silicon Motion Technology during the fourth quarter worth about $209,000. Sei Investments Co. lifted its holdings in shares of 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 last quarter. Pertento Partners LLP grew its stake in shares of Silicon Motion Technology by 31.2% during the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after buying an additional 277,462 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Silicon Motion Technology by 62.6% during the 4th quarter. First Trust Advisors LP now owns 62,117 shares of the semiconductor producer's stock valued at $3,357,000 after acquiring an additional 23,921 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SIMO has been the subject of several research reports. Roth Capital increased their target price on Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC lowered their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. B. Riley reaffirmed a "buy" rating and set a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Wedbush reissued an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Bank of America raised shares of 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. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $79.11.

Silicon Motion Technology Price Performance

Shares of SIMO stock traded down $1.39 during trading hours on Tuesday, reaching $68.41. The company had a trading volume of 321,980 shares, compared to its average volume of 384,070. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 25.02, a price-to-earnings-growth ratio of 1.69 and a beta of 0.80. Silicon Motion Technology Corporation has a 12 month low of $37.21 and a 12 month high of $85.87. The business has a fifty day simple moving average of $55.51 and a 200-day simple moving average of $54.34.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results 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. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The firm had revenue of $166.49 million during the quarter, compared to analyst estimates of $162.69 million. During the same quarter in the prior year, the business posted $0.64 EPS. The business's revenue was down 12.1% compared to the same quarter last year. On average, equities research analysts expect that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

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.