Two Sigma Investments LP Decreases Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Two Sigma Investments LP reduced its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 32.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 180,207 shares of the semiconductor producer's stock after selling 85,485 shares during the period. Two Sigma Investments LP owned about 0.54% of Silicon Motion Technology worth $9,740,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SIMO. SG Capital Management LLC bought a new position in Silicon Motion Technology during the fourth quarter valued at approximately $15,006,000. Pertento Partners LLP grew its position in 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 valued at $63,072,000 after acquiring an additional 277,462 shares during the last quarter. Wellington Management Group LLP grew its position in Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after acquiring an additional 228,333 shares during the last quarter. Lord Abbett & CO. LLC grew its position in Silicon Motion Technology by 20.0% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock valued at $71,612,000 after acquiring an additional 221,017 shares during the last quarter. Finally, Invesco Ltd. grew its position in Silicon Motion Technology by 22.8% during 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. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Stock Performance

SIMO stock traded down $1.30 on Wednesday, reaching $62.28. The company's stock had a trading volume of 442,118 shares, compared to its average volume of 385,317. The business has a fifty day simple moving average of $50.35 and a two-hundred day simple moving average of $53.08. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87. The firm 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.

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 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 company's revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. As a group, research analysts anticipate 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 repurchase plan on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of analyst reports. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a research note on Wednesday, April 23rd. Wedbush reissued an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Needham & Company LLC dropped their price objective on 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. Wall Street Zen lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Finally, B. Riley increased their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology has an average rating of "Moderate Buy" and a consensus target price 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.