Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 11.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 131,573 shares of the semiconductor producer's stock after selling 16,407 shares during the period. Bank of America Corp DE owned approximately 0.39% of Silicon Motion Technology worth $7,112,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lord Abbett & CO. LLC boosted its stake in shares of Silicon Motion Technology by 20.0% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after buying an additional 221,017 shares during the last quarter. Pertento Partners LLP increased its stake in Silicon Motion Technology by 31.2% in the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after acquiring an additional 277,462 shares during the last quarter. Invesco Ltd. increased its stake in Silicon Motion Technology by 22.8% in the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after acquiring an additional 192,646 shares during the last quarter. Wellington Management Group LLP boosted its position in Silicon Motion Technology by 40.1% in the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after buying an additional 228,333 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Silicon Motion Technology by 33.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock valued at $41,263,000 after buying an additional 192,603 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

NASDAQ SIMO traded down $0.70 during trading on Friday, reaching $62.34. 31,096 shares of the company's stock traded hands, compared to its average volume of 385,600. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 23.11, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72. The company's 50 day simple moving average is $50.35 and its two-hundred day simple moving average is $53.08. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating the consensus estimate 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 net margin of 11.29% and a return on equity of 11.63%. 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 business posted $0.64 EPS. Research analysts expect that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has approved a stock buyback plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Wedbush reissued an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. B. Riley increased their target price on shares of 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 upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a research note on Wednesday, April 23rd. Finally, Needham & Company LLC lowered their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.