Graham Capital Management L.P. Increases Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Graham Capital Management L.P. raised its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 62.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,554 shares of the semiconductor producer's stock after purchasing an additional 10,610 shares during the period. Graham Capital Management L.P. owned 0.08% of Silicon Motion Technology worth $1,489,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SIMO. Pertento Partners LLP grew its holdings in Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after purchasing an additional 277,462 shares in the last quarter. Wellington Management Group LLP lifted its position in Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in Silicon Motion Technology by 20.0% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock valued at $71,612,000 after buying an additional 221,017 shares during the period. Invesco Ltd. increased its stake in Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after buying an additional 192,646 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Silicon Motion Technology by 33.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock worth $41,263,000 after purchasing an additional 192,603 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SIMO shares. Needham & Company LLC dropped their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. B. Riley lifted their target price on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Bank of America upgraded 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. Finally, StockNews.com cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Silicon Motion Technology has a consensus rating of "Moderate Buy" and a consensus target price of $75.88.

Silicon Motion Technology Trading Up 3.3%

NASDAQ SIMO traded up $2.04 during trading on Friday, hitting $63.21. 1,194,516 shares of the company's stock were exchanged, compared to its average volume of 378,867. The company has a market cap of $2.15 billion, a PE ratio of 23.50, a P/E/G ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The stock's 50 day moving average price is $48.75 and its two-hundred day moving average price is $52.52.

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 for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The company's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management 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.