Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Bought by Reinhart Partners LLC.

Reinhart Partners LLC. lifted its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 20.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,364,291 shares of the semiconductor producer's stock after purchasing an additional 228,553 shares during the quarter. Silicon Motion Technology comprises 2.5% of Reinhart Partners LLC.'s holdings, making the stock its 18th largest position. Reinhart Partners LLC. owned approximately 4.05% of Silicon Motion Technology worth $68,979,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC raised its stake in shares of Silicon Motion Technology by 61.8% in the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after purchasing an additional 440 shares during the last quarter. Menard Financial Group LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth about $88,000. Blue Trust Inc. grew its holdings in Silicon Motion Technology by 64.7% during 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. LRI Investments LLC grew its holdings in Silicon Motion Technology by 519.0% during the fourth 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 during the period. Finally, Virtu Financial LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth about $208,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Down 0.4%

Shares of Silicon Motion Technology stock traded down $0.28 on Tuesday, reaching $67.01. The company's stock had a trading volume of 421,100 shares, compared to its average volume of 389,678. The company has a market capitalization of $2.28 billion, a P/E ratio of 24.91, a PEG ratio of 1.36 and a beta of 0.80. Silicon Motion Technology Co. has a 52-week low of $37.21 and a 52-week high of $85.87. The stock has a 50-day moving average price of $52.78 and a 200-day moving average price of $53.84.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 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 analysts' expectations 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 revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 earnings per share. Sell-side analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SIMO has been the topic of several analyst reports. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price on the stock in a report on Wednesday, April 23rd. Needham & Company LLC dropped their target price on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. B. Riley reaffirmed a "buy" rating and set a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Wall Street Zen cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Two 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.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.75.

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.