SG Capital Management LLC Invests $15.01 Million in Silicon Motion Technology Co. (NASDAQ:SIMO)

SG Capital Management LLC bought a new position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 277,631 shares of the semiconductor producer's stock, valued at approximately $15,006,000. Silicon Motion Technology accounts for about 1.5% of SG Capital Management LLC's holdings, making the stock its 21st largest holding. SG Capital Management LLC owned about 0.82% of Silicon Motion Technology at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of Silicon Motion Technology by 64.7% in 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 increased its position in Silicon Motion Technology by 519.0% in the fourth 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 acquired a new stake in Silicon Motion Technology during the fourth quarter valued at $208,000. Choreo LLC acquired a new position in Silicon Motion Technology in the fourth quarter valued at about $209,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of Silicon Motion Technology by 7.2% in the 4th 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 in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO traded down $0.29 during midday trading on Wednesday, reaching $64.81. 281,837 shares of the stock traded hands, compared to its average volume of 382,725. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87. The stock has a market capitalization of $2.20 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72. The business has a 50-day moving average of $48.99 and a two-hundred day moving average of $52.59.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million during the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Silicon Motion Technology's quarterly revenue was down 12.1% on a year-over-year basis. During the same period last year, the business earned $0.64 earnings per share. Research analysts anticipate 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 initiated a share buyback program on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages recently weighed in on SIMO. B. Riley boosted their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Needham & Company LLC decreased their target price 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. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a report on Wednesday, April 23rd. StockNews.com downgraded Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $75.88.

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.