Balyasny Asset Management L.P. Grows Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Balyasny Asset Management L.P. raised its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 406.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 190,707 shares of the semiconductor producer's stock after acquiring an additional 153,064 shares during the period. Balyasny Asset Management L.P. owned about 0.57% of Silicon Motion Technology worth $10,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ameriprise Financial Inc. grew its stake in shares of Silicon Motion Technology by 124.6% during the fourth quarter. Ameriprise Financial Inc. now owns 6,430 shares of the semiconductor producer's stock worth $345,000 after buying an additional 32,576 shares during the last quarter. Apis Capital Advisors LLC grew its stake in shares of Silicon Motion Technology by 37.9% during the fourth quarter. Apis Capital Advisors LLC now owns 80,000 shares of the semiconductor producer's stock worth $4,324,000 after buying an additional 22,000 shares during the last quarter. One68 Global Capital LLC bought a new stake in shares of Silicon Motion Technology during the fourth quarter worth $973,000. Northern Trust Corp grew its stake in shares of Silicon Motion Technology by 3,234.2% during the fourth quarter. Northern Trust Corp now owns 136,636 shares of the semiconductor producer's stock worth $7,385,000 after buying an additional 132,538 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Silicon Motion Technology by 33.7% in the fourth 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. Institutional investors own 78.02% of the company's stock.

Analysts Set New Price Targets

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

Silicon Motion Technology Price Performance

Shares of SIMO stock traded up $3.53 on Monday, reaching $57.07. 642,825 shares of the company were exchanged, compared to its average volume of 370,103. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 21.22, a PEG ratio of 1.36 and a beta of 0.72. The company has a 50-day moving average of $48.08 and a 200-day moving average of $52.39. Silicon Motion Technology Co. has a one year low of $37.21 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced 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. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same quarter in the prior year, the company earned $0.64 EPS. The business's revenue for the quarter was down 12.1% on a year-over-year basis. As a group, sell-side analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology declared that its board has authorized a share repurchase plan on Wednesday, February 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign 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.