Silicon Motion Technology Corporation $SIMO Shares Bought by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. increased its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 36.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 300,000 shares of the semiconductor producer’s stock after purchasing an additional 80,000 shares during the quarter. Schwartz Investment Counsel Inc. owned approximately 0.88% of Silicon Motion Technology worth $33,687,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in shares of Silicon Motion Technology by 87.6% during the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after purchasing an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Silicon Motion Technology by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock valued at $3,741,000 after purchasing an additional 44,976 shares during the period. Geode Capital Management LLC grew its position in shares of Silicon Motion Technology by 2.6% in the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock valued at $2,842,000 after purchasing an additional 962 shares during the period. Creative Planning acquired a new position in Silicon Motion Technology in the second quarter valued at $324,000. Finally, Legal & General Group Plc boosted its stake in Silicon Motion Technology by 141.4% in the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after buying an additional 5,704 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO stock opened at $299.51 on Tuesday. Silicon Motion Technology Corporation has a 1 year low of $70.12 and a 1 year high of $355.00. The firm has a market cap of $10.16 billion, a P/E ratio of 59.54, a price-to-earnings-growth ratio of 0.72 and a beta of 1.70. The stock has a 50-day simple moving average of $286.65 and a 200-day simple moving average of $180.96.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.Silicon Motion Technology’s quarterly revenue was up 105.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 EPS. On average, equities research analysts predict that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

Insiders Place Their Bets

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the transaction, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 4,000 shares of company stock worth $1,239,250 in the last quarter. 5.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SIMO shares. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Wedbush increased their target price on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Finally, Roth Capital restated a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.