Schafer Cullen Capital Management Inc. reduced its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 23.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,841 shares of the semiconductor producer’s stock after selling 4,345 shares during the period. Schafer Cullen Capital Management Inc.’s holdings in Silicon Motion Technology Corporation were worth $668,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Great Lakes Advisors LLC increased its position in 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 worth $336,000 after buying an additional 206 shares during the period. Sei Investments Co. increased its position in 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 period. Profund Advisors LLC increased its position in Silicon Motion Technology Corporation by 5.2% in the 2nd quarter. Profund Advisors LLC now owns 11,424 shares of the semiconductor producer’s stock worth $551,000 after buying an additional 560 shares during the period. Wells Fargo & Company MN increased its position in 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 worth $2,829,000 after buying an additional 701 shares during the period. Finally, US Bancorp DE increased its position in 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 period. 81.02% of the stock is currently owned by institutional investors.

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SIMO has been the topic of several recent analyst reports. Zacks Investment Research raised Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub downgraded Silicon Motion Technology Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Friday, July 7th. Standpoint Research raised Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a research report on Wednesday, August 30th. Finally, Loop Capital lifted their price target on Silicon Motion Technology Corporation from $51.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $57.23.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) traded down 1.33% during mid-day trading on Friday, hitting $51.93. The stock had a trading volume of 694,194 shares. The stock has a 50 day moving average of $47.38 and a 200-day moving average of $47.17. 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 $1.86 billion, a P/E ratio of 17.56 and a beta of 0.70.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.04). The firm had revenue of $132.70 million for the quarter, compared to the consensus estimate of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. Silicon Motion Technology Corporation’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the business posted $0.86 EPS. On average, equities research analysts predict that Silicon Motion Technology Corporation will post $2.69 earnings per share for the current year.

Silicon Motion Technology Corporation declared that its Board of Directors has authorized a share 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 buy up to 13.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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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