Systematic Financial Management LP lessened its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 20.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 294,198 shares of the semiconductor producer’s stock after selling 77,170 shares during the period. Systematic Financial Management LP owned about 0.83% of Silicon Motion Technology Corporation worth $14,189,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the company. Great Lakes Advisors LLC boosted its stake in shares of Silicon Motion Technology Corporation by 3.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 6,959 shares of the semiconductor producer’s stock valued at $336,000 after purchasing an additional 206 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Silicon Motion Technology Corporation by 4.7% in the 1st quarter. Sei Investments Co. now owns 6,106 shares of the semiconductor producer’s stock valued at $286,000 after purchasing an additional 275 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Silicon Motion Technology Corporation by 1.2% in the 2nd quarter. Wells Fargo & Company MN now owns 58,659 shares of the semiconductor producer’s stock valued at $2,829,000 after purchasing an additional 701 shares in the last quarter. US Bancorp DE boosted its stake in shares of Silicon Motion Technology Corporation by 71.5% in the 1st quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after purchasing an additional 915 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Silicon Motion Technology Corporation by 16.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 6,922 shares of the semiconductor producer’s stock valued at $324,000 after purchasing an additional 982 shares in the last quarter. Institutional investors own 81.46% of the company’s stock.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded up 0.68% during mid-day trading on Friday, reaching $47.14. The company’s stock had a trading volume of 401,656 shares. The firm has a market cap of $1.68 billion, a PE ratio of 15.94 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. The company has a 50-day moving average of $43.29 and a 200-day moving average of $46.26.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing the Zacks’ consensus estimate of $0.73 by $0.04. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The firm had revenue of $132.70 million for the quarter, compared to analyst estimates of $132.92 million. During the same period in the previous year, the business posted $0.86 earnings per share. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, analysts predict that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current year.

Silicon Motion Technology Corporation declared that its board has approved a share buyback program on Monday, July 31st that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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Several equities research analysts have recently commented on SIMO shares. Needham & Company LLC restated a “buy” rating and issued a $54.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Friday, July 7th. B. Riley restated a “buy” rating and issued a $68.75 target price on shares of Silicon Motion Technology Corporation in a research note on Monday, August 7th. Lake Street Capital restated a “buy” rating and issued a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 8th. Standpoint Research downgraded shares of Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a research note on Tuesday, June 6th. Finally, Roth Capital reduced their target price on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $56.63.

Silicon Motion Technology Corporation Company 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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