Two Sigma Advisers LP Reduces Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Two Sigma Advisers LP reduced its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 35.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 79,181 shares of the semiconductor producer's stock after selling 42,800 shares during the quarter. Two Sigma Advisers LP owned about 0.24% of Silicon Motion Technology worth $4,280,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in SIMO. Janney Montgomery Scott LLC boosted its position in Silicon Motion Technology by 0.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 85,265 shares of the semiconductor producer's stock valued at $4,609,000 after acquiring an additional 752 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after purchasing an additional 883 shares in the last quarter. Perigon Wealth Management LLC purchased a new stake in Silicon Motion Technology in the fourth quarter worth $431,000. Calamos Advisors LLC bought a new position in Silicon Motion Technology in the fourth quarter worth $3,707,000. Finally, Deltec Asset Management LLC purchased a new position in Silicon Motion Technology during the fourth quarter valued at $408,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Up 1.5%

NASDAQ SIMO traded up $0.92 during trading hours on Thursday, reaching $63.20. The company's stock had a trading volume of 299,651 shares, compared to its average volume of 482,272. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 1.36 and a beta of 0.72. The firm's 50-day moving average price is $50.35 and its 200-day moving average price is $53.08.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released 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 the consensus estimate 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 revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. Equities research analysts anticipate that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

SIMO has been the subject of several research reports. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Wall Street Zen lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report 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. B. Riley lifted their price target on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.88.

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.