Teachers Advisors LLC boosted its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 69.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 615,685 shares of the semiconductor producer’s stock after buying an additional 251,985 shares during the period. Teachers Advisors LLC owned approximately 1.74% of Silicon Motion Technology Corporation worth $28,783,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Silicon Motion Technology Corporation by 62.8% in the fourth quarter. FMR LLC now owns 707,945 shares of the semiconductor producer’s stock worth $30,074,000 after buying an additional 273,000 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Silicon Motion Technology Corporation by 7.7% in the fourth quarter. Renaissance Technologies LLC now owns 110,879 shares of the semiconductor producer’s stock worth $4,710,000 after buying an additional 7,905 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Silicon Motion Technology Corporation by 5.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,940 shares of the semiconductor producer’s stock worth $251,000 after buying an additional 292 shares in the last quarter. A.R.T. Advisors LLC boosted its stake in Silicon Motion Technology Corporation by 6.2% in the fourth quarter. A.R.T. Advisors LLC now owns 12,000 shares of the semiconductor producer’s stock worth $509,000 after buying an additional 700 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its stake in Silicon Motion Technology Corporation by 65.7% in the fourth quarter. Guggenheim Capital LLC now owns 19,109 shares of the semiconductor producer’s stock worth $811,000 after buying an additional 7,580 shares in the last quarter. 80.36% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Corporation (NASDAQ:SIMO) traded down 0.03% during mid-day trading on Thursday, hitting $42.94. 507,004 shares of the stock traded hands. The firm’s 50-day moving average is $46.91 and its 200-day moving average is $45.84. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $56.25. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 55.05 and a beta of 0.69.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. The business had revenue of $132.70 million during the quarter, compared to analyst estimates of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.99%. Silicon Motion Technology Corporation’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. Equities research analysts expect that Silicon Motion Technology Corporation will post $2.67 EPS for the current year.

Silicon Motion Technology Corporation declared that its Board of Directors has authorized a share repurchase plan on Monday, July 31st that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to reacquire up to 13.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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SIMO has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $56.00 target price (down previously from $60.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, April 11th. B. Riley reaffirmed a “buy” rating and set a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research note on Wednesday, April 26th. Pacific Crest upped their price objective on shares of Silicon Motion Technology Corporation from $51.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, May 1st. Zacks Investment Research raised shares of Silicon Motion Technology Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Friday, May 5th. Finally, Standpoint Research cut shares of Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a research note on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $56.84.

About Silicon Motion Technology Corporation

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.

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

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