Janney Montgomery Scott LLC Has $1.02 Million Stake in Silicon Motion Technology Corporation (SIMO)

Janney Montgomery Scott LLC raised its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,157 shares of the semiconductor producer’s stock after buying an additional 1,119 shares during the period. Janney Montgomery Scott LLC’s holdings in Silicon Motion Technology Corporation were worth $1,020,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE raised its position in shares of 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 valued at $102,000 after buying an additional 915 shares during the period. Dubuque Bank & Trust Co. raised its position in shares of Silicon Motion Technology Corporation by 253.4% in the first quarter. Dubuque Bank & Trust Co. now owns 4,531 shares of the semiconductor producer’s stock valued at $212,000 after buying an additional 3,249 shares during the period. Atria Investments LLC acquired a new position in shares of Silicon Motion Technology Corporation during the second quarter valued at approximately $270,000. Sei Investments Co. raised its position in shares of 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 valued at $286,000 after buying an additional 275 shares during the period. Finally, Great Lakes Advisors LLC raised its position in shares of 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 valued at $316,000 after buying an additional 535 shares during the period. Institutional investors own 80.90% of the company’s stock.

Shares of Silicon Motion Technology Corporation (SIMO) opened at 42.50 on Friday. The firm has a 50-day moving average of $44.59 and a 200-day moving average of $45.77. The company 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 has a one year low of $37.37 and a one year high of $56.25.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.73 by $0.04. The business had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The company’s revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. Equities research analysts expect that Silicon Motion Technology Corporation will post $2.67 EPS for the current fiscal year.

Silicon Motion Technology Corporation announced that its Board of Directors has initiated a share buyback plan on Monday, July 31st that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor producer to reacquire up to 13.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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Several research analysts have recently commented on the stock. B. Riley restated a “buy” rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a research note on Monday, July 10th. Lake Street Capital reiterated a “buy” rating and issued a $50.00 target price (down from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Roth Capital lowered their target price on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Craig Hallum reiterated a “buy” rating and issued a $60.00 target price (down from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Finally, Summit Redstone reiterated a “hold” rating on shares of Silicon Motion Technology Corporation in a research note on Saturday, July 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price 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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