Quantitative Investment Management LLC increased its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 52.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 62,800 shares of the semiconductor producer’s stock after buying an additional 21,700 shares during the period. Quantitative Investment Management LLC owned 0.18% of Silicon Motion Technology Corporation worth $3,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SIMO. Nationwide Fund Advisors grew its stake in shares of Silicon Motion Technology Corporation by 261.6% in the 1st quarter. Nationwide Fund Advisors now owns 52,167 shares of the semiconductor producer’s stock worth $2,439,000 after buying an additional 37,742 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Silicon Motion Technology Corporation by 20.7% in the 1st quarter. First Trust Advisors LP now owns 10,970 shares of the semiconductor producer’s stock worth $513,000 after buying an additional 1,878 shares during the last quarter. US Bancorp DE grew 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 worth $102,000 after buying an additional 915 shares during the last quarter. Karp Capital Management Corp purchased a new stake in shares of Silicon Motion Technology Corporation in the 1st quarter worth approximately $686,000. Finally, Sei Investments Co. grew 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 worth $286,000 after buying an additional 275 shares during the last quarter. Institutional investors own 81.15% of the company’s stock.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) opened at 48.14 on Thursday. The firm’s 50-day moving average price is $44.26 and its 200 day moving average price is $46.61. Silicon Motion Technology Corporation has a 52 week low of $37.37 and a 52 week high of $55.68. The stock has a market capitalization of $1.72 billion, a P/E ratio of 16.27 and a beta of 0.67.

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

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

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Several research firms recently weighed in on SIMO. B. Riley restated a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a research note on Monday, July 10th. Roth Capital cut their price target on 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. Lake Street Capital restated a “buy” rating and issued a $50.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Craig Hallum restated a “buy” rating and issued a $60.00 price target (down previously from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of Silicon Motion Technology Corporation in a research note on Friday, September 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Silicon Motion Technology Corporation has an average rating of “Buy” and a consensus price target 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.

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

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