Russell Investments Group Ltd. Has $13.61 Million Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Russell Investments Group Ltd. grew its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 16.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 251,000 shares of the semiconductor producer's stock after purchasing an additional 35,495 shares during the period. Russell Investments Group Ltd. owned about 0.75% of Silicon Motion Technology worth $13,614,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SIMO. GAMMA Investing LLC grew its stake in Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock valued at $47,000 after buying an additional 484 shares during the last quarter. Blue Trust Inc. boosted its position 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 valued at $122,000 after acquiring an additional 883 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Silicon Motion Technology in the 4th quarter worth approximately $208,000. Choreo LLC bought a new position in shares of Silicon Motion Technology during the fourth quarter valued at $209,000. Finally, TradeLink Capital LLC acquired a new stake in shares of Silicon Motion Technology in the 4th quarter valued at $228,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a "buy" rating and issued a $70.00 target price on shares of Silicon Motion Technology in a research note on Friday, February 7th. Finally, Wedbush reaffirmed an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Silicon Motion Technology has an average rating of "Moderate Buy" and an average price target of $80.63.

Silicon Motion Technology Stock Down 2.6 %

Shares of SIMO traded down $1.08 during trading hours on Wednesday, reaching $40.28. The stock had a trading volume of 46,159 shares, compared to its average volume of 356,727. Silicon Motion Technology Co. has a 52 week low of $37.21 and a 52 week high of $85.87. The firm has a 50-day moving average of $51.54 and a 200 day moving average of $53.97. The company has a market cap of $1.36 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.36 and a beta of 0.81.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. As a group, equities analysts expect 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 plan on Wednesday, February 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

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.