Lord Abbett & CO. LLC Raises Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Lord Abbett & CO. LLC raised its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 20.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,324,930 shares of the semiconductor producer's stock after buying an additional 221,017 shares during the period. Lord Abbett & CO. LLC owned 3.93% of Silicon Motion Technology worth $71,612,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Pertento Partners LLP raised its stake in shares of 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. Reinhart Partners LLC. raised its stake in shares of Silicon Motion Technology by 5.1% during the fourth quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock valued at $61,387,000 after acquiring an additional 55,363 shares during the last quarter. Invesco Ltd. raised its stake in shares of 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. Wellington Management Group LLP raised its stake in shares of 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. Finally, Massachusetts Financial Services Co. MA raised its stake in Silicon Motion Technology by 33.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 696,293 shares of the semiconductor producer's stock worth $37,635,000 after buying an additional 172,867 shares during the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Stock Up 11.4 %

NASDAQ:SIMO traded up $5.17 during trading hours on Wednesday, reaching $50.33. The company had a trading volume of 774,077 shares, compared to its average volume of 444,003. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 18.71, a P/E/G ratio of 1.36 and a beta of 0.81. The business's 50-day simple moving average is $48.67 and its two-hundred day simple moving average is $52.68. Silicon Motion Technology Co. has a twelve month low of $37.21 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business's revenue was down 12.1% on a year-over-year basis. During the same period last year, the company earned $0.64 earnings per share. As a group, equities analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology announced that its Board of Directors has approved a share buyback plan on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reissued a "buy" rating and set a $70.00 target price on shares of Silicon Motion Technology in a research note on Friday, February 7th. Finally, StockNews.com cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $79.00.

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.