Lord Abbett & CO. LLC raised its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 20.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,324,930 shares of the semiconductor producer's stock after purchasing an additional 221,017 shares during the period. Lord Abbett & CO. LLC owned about 3.93% of Silicon Motion Technology worth $71,612,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of SIMO. Pertento Partners LLP grew its position in shares of Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after buying an additional 277,462 shares during the last quarter. Reinhart Partners LLC. grew its holdings in shares of Silicon Motion Technology by 5.1% during the fourth quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock valued at $61,387,000 after purchasing an additional 55,363 shares during the last quarter. Invesco Ltd. raised its position in shares of Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock worth $43,088,000 after purchasing an additional 228,333 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Silicon Motion Technology by 33.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 696,293 shares of the semiconductor producer's stock valued at $37,635,000 after purchasing an additional 172,867 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on SIMO shares. StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price for the company in a research note on Wednesday. Finally, Needham & Company LLC restated a "buy" rating and issued a $70.00 price target on shares of Silicon Motion Technology in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.00.
Read Our Latest Report on Silicon Motion Technology
Silicon Motion Technology Trading Up 2.4 %
SIMO stock traded up $1.05 on Friday, hitting $45.11. 343,736 shares of the company's stock traded hands, compared to its average volume of 365,304. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 1-year low of $37.21 and a 1-year high of $85.87. The stock has a fifty day moving average of $49.25 and a 200-day moving average of $52.89.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. On average, equities research analysts anticipate that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.
Silicon Motion Technology announced that its board has initiated a share buyback plan on Wednesday, February 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Silicon Motion Technology Company Profile
(
Free Report)
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.
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