Silicon Motion Technology Corporation $SIMO is Heartland Advisors Inc.'s 3rd Largest Position

Key Points

• Heartland Advisors trimmed its Silicon Motion Technology stake by 7.5% in the first quarter, but the position remains its third-largest holding, worth about $28.3 million.
• Institutional ownership remains high, with several hedge funds and asset managers adding to or initiating positions in SIMO; institutions and hedge funds now own about 78.02% of the stock.
• Insiders have recently sold shares, including two directors who reduced their holdings in June, while analysts on balance remain constructive with an average “Buy” rating and a $246.43 price target.

Heartland Advisors Inc. reduced its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 252,084 shares of the semiconductor producer's stock after selling 20,314 shares during the period. Silicon Motion Technology accounts for about 1.4% of Heartland Advisors Inc.'s holdings, making the stock its 3rd biggest holding. Heartland Advisors Inc. owned approximately 0.74% of Silicon Motion Technology worth $28,307,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SIMO. Assetmark Inc. boosted its holdings in Silicon Motion Technology by 2.3% in the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer's stock valued at $316,000 after purchasing an additional 63 shares during the last quarter. Calamos Advisors LLC acquired a new stake in shares of Silicon Motion Technology during the 1st quarter worth approximately $2,686,000. Schwartz Investment Counsel Inc. increased its holdings in shares of Silicon Motion Technology by 36.4% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer's stock worth $33,687,000 after buying an additional 80,000 shares during the last quarter. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Silicon Motion Technology during the 1st quarter valued at approximately $4,827,000. Finally, AIGH Capital Management LLC purchased a new stake in shares of Silicon Motion Technology during the 1st quarter valued at approximately $22,458,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Kuan-Ming Lin sold 2,000 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director directly owned 8,500 shares in the company, valued at $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the sale, the director directly owned 7,500 shares of the company's stock, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,000 shares of company stock worth $1,239,250 over the last 90 days. 5.34% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings cut Silicon Motion Technology from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Zacks Research upgraded Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Susquehanna upped their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the company a "positive" rating in a research note on Thursday, April 30th. Finally, Craig Hallum reaffirmed a "buy" rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Silicon Motion Technology has an average rating of "Buy" and an average price target of $246.43.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $264.33 on Friday. The company's 50 day simple moving average is $289.83 and its 200-day simple moving average is $185.78. Silicon Motion Technology Corporation has a 1 year low of $71.16 and a 1 year high of $355.00. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 52.55, a price-to-earnings-growth ratio of 0.58 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm had revenue of $342.11 million during the quarter, compared to analysts' expectations of $299.53 million. During the same quarter last year, the company posted $0.60 EPS. The firm's quarterly revenue was up 105.5% on a year-over-year basis. Equities analysts expect that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

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.

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