Cerity Partners LLC cut its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 23.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,115 shares of the semiconductor producer's stock after selling 6,954 shares during the period. Cerity Partners LLC owned approximately 0.07% of Silicon Motion Technology worth $1,250,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. GAMMA Investing LLC grew its position in Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock valued at $47,000 after acquiring an additional 484 shares in the last quarter. Blue Trust Inc. boosted its position in Silicon Motion Technology by 64.7% in the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after buying an additional 883 shares during the period. Choreo LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth $209,000. Virtu Financial LLC purchased a new stake in shares of Silicon Motion Technology during the fourth quarter worth $208,000. Finally, HighTower Advisors LLC raised its stake in shares of Silicon Motion Technology by 27.8% in the third quarter. HighTower Advisors LLC now owns 3,954 shares of the semiconductor producer's stock valued at $240,000 after acquiring an additional 861 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.
Silicon Motion Technology Stock Performance
Shares of SIMO stock traded up $2.02 during mid-day trading on Thursday, hitting $43.77. 170,023 shares of the stock were exchanged, compared to its average volume of 363,057. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 1.36 and a beta of 0.81. The stock's fifty day simple moving average is $49.78 and its two-hundred day simple moving average is $53.15.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted 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 net margin of 11.29% and a return on equity of 11.63%. On average, research analysts expect that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.
Silicon Motion Technology declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Analyst Ratings Changes
SIMO has been the subject of a number of analyst reports. StockNews.com downgraded Silicon Motion Technology from a "buy" rating to a "hold" rating in a research 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 price objective on the stock in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $70.00 price objective on shares of Silicon Motion Technology in a research report on Friday, February 7th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $79.00.
Check Out Our Latest Stock Analysis on SIMO
Silicon Motion Technology Profile
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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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