Summit Securities Group LLC purchased a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) during the second quarter, Holdings Channel reports. The firm purchased 4,234 shares of the semiconductor producer’s stock, valued at approximately $204,000.

Other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. raised its position in Silicon Motion Technology Corporation by 4.7% in the first 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. Great Lakes Advisors LLC raised its position in Silicon Motion Technology Corporation by 8.6% in the first quarter. Great Lakes Advisors LLC now owns 6,753 shares of the semiconductor producer’s stock worth $316,000 after buying an additional 535 shares during the period. Independent Portfolio Consultants Inc. raised its position in Silicon Motion Technology Corporation by 11.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 8,540 shares of the semiconductor producer’s stock worth $399,000 after buying an additional 875 shares during the period. US Bancorp DE raised its position in Silicon Motion Technology Corporation by 71.5% in the first 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. Finally, Envestnet Asset Management Inc. raised its position in Silicon Motion Technology Corporation by 16.5% in the first quarter. Envestnet Asset Management Inc. now owns 6,922 shares of the semiconductor producer’s stock worth $324,000 after buying an additional 982 shares during the period. Institutional investors and hedge funds own 80.90% of the company’s stock.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) opened at 42.50 on Friday. The company has a 50-day moving average price of $44.59 and a 200 day moving average price of $45.77. Silicon Motion Technology Corporation has a 52 week low of $37.37 and a 52 week high of $56.25. The stock has a market capitalization of $1.52 billion, a P/E ratio of 14.37 and a beta of 0.68.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its 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. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business had revenue of $132.70 million during the quarter, compared to analyst estimates of $132.92 million. During the same period in the previous year, the firm posted $0.86 earnings per share. The firm’s revenue was down 5.7% on a year-over-year basis. Analysts forecast that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation declared that its board has authorized a stock repurchase program on Monday, July 31st that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor producer to repurchase up to 13.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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A number of research firms recently weighed in on SIMO. B. Riley reiterated a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a research report on Wednesday, April 26th. ValuEngine lowered Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 16th. Lake Street Capital reiterated 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 report on Wednesday, August 2nd. Loop Capital reiterated a “buy” rating and issued a $61.00 price target (up previously from $53.00) on shares of Silicon Motion Technology Corporation in a research report on Tuesday, June 6th. Finally, Standpoint Research lowered Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a research report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $56.84.

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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