Wellington Management Group LLP Purchases 228,333 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Wellington Management Group LLP lifted its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 40.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 797,192 shares of the semiconductor producer's stock after buying an additional 228,333 shares during the period. Wellington Management Group LLP owned approximately 2.37% of Silicon Motion Technology worth $43,088,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Menard Financial Group LLC acquired a new position in shares of Silicon Motion Technology in the 4th quarter worth $88,000. Blue Trust Inc. raised its holdings in Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock worth $122,000 after buying an additional 883 shares during the period. LRI Investments LLC raised its holdings in Silicon Motion Technology by 519.0% during the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock worth $164,000 after buying an additional 2,543 shares during the period. Virtu Financial LLC purchased a new stake in Silicon Motion Technology during the fourth quarter valued at about $208,000. Finally, Choreo LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth about $209,000. Institutional investors and hedge funds own 78.02% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. B. Riley raised their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target for the company in a report on Wednesday, April 23rd. Needham & Company LLC dropped their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, Wall Street Zen cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology Stock Up 1.3%

Shares of NASDAQ:SIMO traded up $0.83 during trading on Tuesday, reaching $64.39. The stock had a trading volume of 72,807 shares, compared to its average volume of 387,055. The stock has a fifty day simple moving average of $50.80 and a two-hundred day simple moving average of $53.31. Silicon Motion Technology Co. has a 52 week low of $37.21 and a 52 week high of $85.87. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 23.94, a P/E/G ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $166.49 million for 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 was down 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. On average, analysts forecast that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

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

Silicon Motion Technology Company 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.