Graham Capital Management L.P. Buys 10,610 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Graham Capital Management L.P. increased its stake 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. The fund owned 27,554 shares of the semiconductor producer's stock after purchasing an additional 10,610 shares during the quarter. Graham Capital Management L.P. owned 0.08% of Silicon Motion Technology worth $1,489,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Silicon Motion Technology by 123.2% during the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock worth $47,000 after acquiring an additional 484 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of 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 acquiring an additional 883 shares during the last quarter. Choreo LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth $209,000. Virtu Financial LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth $208,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Silicon Motion Technology by 7.2% during the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock worth $214,000 after acquiring an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO traded up $2.04 during mid-day trading on Friday, hitting $63.21. 1,194,516 shares of the company's stock traded hands, compared to its average volume of 378,048. The company's 50-day moving average is $48.55 and its two-hundred day moving average is $52.51. The company has a market capitalization of $2.15 billion, a P/E ratio of 23.50, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million for 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 firm's revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 EPS. Equities analysts anticipate that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has approved a share buyback program on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SIMO has been the topic of several analyst reports. Bank of America upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a research note on Wednesday, April 23rd. B. Riley raised their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Needham & Company LLC decreased their price objective 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. Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Finally, StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $75.88.

About Silicon Motion Technology

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.