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

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

Several other hedge funds have also modified their holdings of the stock. Lord Abbett & CO. LLC raised its holdings 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 valued at $71,612,000 after buying an additional 221,017 shares during the period. Pertento Partners LLP increased its holdings in Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after purchasing an additional 277,462 shares during the last quarter. Invesco Ltd. increased its holdings in Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares during the last quarter. Wellington Management Group LLP increased its holdings in Silicon Motion Technology by 40.1% during the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock worth $43,088,000 after purchasing an additional 228,333 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Silicon Motion Technology by 33.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock worth $41,263,000 after purchasing an additional 192,603 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on SIMO shares. Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective on the stock in a report on Wednesday, April 23rd. B. Riley lifted their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Needham & Company LLC dropped their price objective 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. Finally, Wall Street Zen downgraded Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Stock Down 2.0%

Shares of SIMO traded down $1.30 during mid-day trading on Wednesday, hitting $62.28. The stock had a trading volume of 442,118 shares, compared to its average volume of 385,317. The company has a market cap of $2.12 billion, a PE ratio of 23.15, a PEG ratio of 1.36 and a beta of 0.72. The company's fifty day simple moving average is $50.22 and its two-hundred day simple moving average is $53.02. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 EPS. Equities analysts expect that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its board has initiated a share buyback plan on Wednesday, February 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the semiconductor producer to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Silicon Motion Technology 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.