Two Sigma Investments LP Sells 85,485 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Two Sigma Investments LP lessened its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 32.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 180,207 shares of the semiconductor producer's stock after selling 85,485 shares during the quarter. Two Sigma Investments LP owned about 0.54% of Silicon Motion Technology worth $9,740,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its position 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 valued at $122,000 after purchasing an additional 883 shares during the period. LRI Investments LLC lifted its holdings in shares of Silicon Motion Technology by 519.0% during the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock valued at $164,000 after buying an additional 2,543 shares during the period. Virtu Financial LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $208,000. Choreo LLC bought a new stake in shares of Silicon Motion Technology in the fourth quarter worth $209,000. Finally, Quadrant Capital Group LLC increased its position in Silicon Motion Technology by 7.2% during the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock valued at $214,000 after acquiring an additional 267 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock traded down $1.08 during trading hours on Friday, hitting $61.95. The company's stock had a trading volume of 51,145 shares, compared to its average volume of 385,656. The company has a market cap of $2.11 billion, a PE ratio of 23.13, a PEG ratio of 1.36 and a beta of 0.72. The business has a 50 day moving average price of $50.35 and a two-hundred day moving average price of $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 posted its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The company had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. During the same period in the previous year, the firm earned $0.64 EPS. The firm's revenue was down 12.1% compared to the same quarter last year. As a group, research analysts anticipate that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its board has authorized a stock 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 purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of research reports. Wall Street Zen cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. B. Riley upped their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price on the stock in a research report on Wednesday, April 23rd. Needham & Company LLC reduced their price target on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Finally, Wedbush reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Two research 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.com, the stock has a consensus rating of "Moderate Buy" and an average 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.