Silicon Motion Technology Corporation $SIMO is Reinhart Partners LLC.'s Largest Position

Key Points

• Reinhart Partners remains Silicon Motion Technology’s largest shareholder position despite cutting its stake by 26.5% in the second quarter. It held 966,060 shares valued at approximately $322 million, representing 7.4% of its portfolio.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $341.43. Recent target increases included $350 from Susquehanna and Roth Capital and $355 from Needham.
• Silicon Motion reported strong quarterly results, with EPS of $2.43 beating estimates of $2.13 and revenue of $451 million surpassing expectations. Revenue rose 127% year over year, although insiders sold 4,000 shares worth about $1.24 million over the past 90 days.

Reinhart Partners LLC. lessened its position in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 26.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 966,060 shares of the semiconductor producer's stock after selling 347,979 shares during the period. Silicon Motion Technology comprises 7.4% of Reinhart Partners LLC.'s portfolio, making the stock its largest holding. Reinhart Partners LLC. owned about 2.85% of Silicon Motion Technology worth $322,022,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SIMO. Wolf Hill Capital Management LP purchased a new position in Silicon Motion Technology in the 4th quarter worth approximately $53,893,000. Hawk Ridge Capital Management LP boosted its stake in Silicon Motion Technology by 111.3% during the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer's stock valued at $73,024,000 after purchasing an additional 415,000 shares during the last quarter. Man Group plc increased its holdings in shares of Silicon Motion Technology by 820.7% in the 4th quarter. Man Group plc now owns 381,048 shares of the semiconductor producer's stock worth $35,323,000 after purchasing an additional 339,663 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Silicon Motion Technology by 112.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer's stock worth $47,802,000 after purchasing an additional 225,221 shares in the last quarter. Finally, AIGH Capital Management LLC purchased a new position in shares of Silicon Motion Technology in the first quarter worth $22,458,000. Institutional investors own 78.02% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Susquehanna upped their price target on Silicon Motion Technology from $275.00 to $350.00 and gave the company a "positive" rating in a report on Friday, July 31st. Roth Capital reissued a "buy" rating and issued a $350.00 target price on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Needham & Company LLC boosted their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. upped their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Silicon Motion Technology in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of "Buy" and a consensus target price of $341.43.

Insider Transactions at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director directly owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the sale, the director directly owned 8,500 shares of the company's stock, valued at $2,592,500. The trade was a 19.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 4,000 shares of company stock valued at $1,239,250. Corporate insiders own 5.34% of the company's stock.

Silicon Motion Technology Price Performance

SIMO stock opened at $256.12 on Friday. The company has a market cap of $8.69 billion, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 0.46 and a beta of 1.71. Silicon Motion Technology Corporation has a 1 year low of $71.35 and a 1 year high of $355.00. The stock's fifty day moving average price is $286.45 and its 200-day moving average price is $201.70.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating analysts' consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The company had revenue of $451.00 million during the quarter, compared to analysts' expectations of $403.41 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. Silicon Motion Technology's revenue for the quarter was up 127.0% compared to the same quarter last year. As a group, analysts expect that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

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.

Want to see what other hedge funds are holding SIMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source