Silicon Motion Technology Corporation (SIMO) Stake Raised by Investec Asset Management LTD

Investec Asset Management LTD lifted its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 46.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,638,818 shares of the semiconductor producer’s stock after buying an additional 519,631 shares during the quarter. Investec Asset Management LTD owned approximately 4.62% of Silicon Motion Technology Corporation worth $79,040,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. US Bancorp DE lifted its holdings in shares of Silicon Motion Technology Corporation by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares in the last quarter. Seven Eight Capital LP purchased a new stake in shares of Silicon Motion Technology Corporation in the second quarter worth about $135,000. Hikari Power Ltd purchased a new stake in shares of Silicon Motion Technology Corporation in the second quarter worth about $204,000. Summit Securities Group LLC purchased a new stake in shares of Silicon Motion Technology Corporation in the second quarter worth about $204,000. Finally, Airain ltd purchased a new stake in shares of Silicon Motion Technology Corporation in the second quarter worth about $213,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

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A number of equities research analysts have recently issued reports on the stock. B. Riley reissued a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a report on Monday, July 10th. Roth Capital lowered their price target on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Lake Street Capital reissued a “buy” rating and issued a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Craig Hallum reissued a “buy” rating and issued a $60.00 price target (down from $67.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Finally, Summit Redstone reissued a “hold” rating on shares of Silicon Motion Technology Corporation in a report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. Silicon Motion Technology Corporation presently has a consensus rating of “Buy” and a consensus price target of $56.63.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) traded up 0.51% during midday trading on Friday, reaching $47.44. 646,194 shares of the company were exchanged. The company has a 50 day moving average price of $44.03 and a 200-day moving average price of $46.46. The stock has a market capitalization of $1.70 billion, a P/E ratio of 16.04 and a beta of 0.67. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $55.68.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.04). The firm had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The firm’s revenue was down 5.7% on a year-over-year basis. During the same period last year, the company earned $0.86 earnings per share. On average, analysts forecast that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation announced that its Board of Directors has initiated a stock buyback program on Monday, July 31st that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Silicon Motion Technology Corporation Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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Institutional Ownership by Quarter for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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