Cadence Capital Management LLC Buys Shares of 9,870 Silicon Motion Technology Corporation (SIMO)

Cadence Capital Management LLC bought a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,870 shares of the semiconductor producer’s stock, valued at approximately $476,000.

Other large investors have also bought and sold shares of the company. William Blair Investment Management LLC boosted its stake in Silicon Motion Technology Corporation by 170.4% in the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after buying an additional 597,352 shares during the period. Marshall Wace North America L.P. boosted its stake in Silicon Motion Technology Corporation by 39.4% in the second quarter. Marshall Wace North America L.P. now owns 208,508 shares of the semiconductor producer’s stock valued at $10,009,000 after buying an additional 58,953 shares during the period. Denver Investment Advisors LLC acquired a new stake in Silicon Motion Technology Corporation during the second quarter valued at about $5,249,000. Advisors Asset Management Inc. boosted its stake in Silicon Motion Technology Corporation by 93.6% in the second quarter. Advisors Asset Management Inc. now owns 23,739 shares of the semiconductor producer’s stock valued at $1,145,000 after buying an additional 11,478 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Silicon Motion Technology Corporation during the second quarter valued at about $859,000. 81.52% of the stock is owned by institutional investors.

Shares of Silicon Motion Technology Corporation (SIMO) opened at 45.31 on Thursday. The firm has a market capitalization of $1.62 billion, a PE ratio of 15.32 and a beta of 0.68. The stock has a 50 day moving average price of $42.81 and a 200-day moving average price of $45.97. Silicon Motion Technology Corporation has a 52 week low of $37.37 and a 52 week 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 EPS for the quarter, missing the consensus estimate of $0.73 by $0.04. The firm had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 EPS. Equities analysts anticipate that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current year.

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

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Several equities research analysts have issued reports on the company. Standpoint Research raised Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a research note on Wednesday. Loop Capital reissued a “buy” rating and set a $51.00 target price on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 22nd. Lake Street Capital reissued a “buy” rating and set a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 8th. B. Riley reissued a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology Corporation in a research note on Monday, August 7th. Finally, Craig Hallum reissued a “buy” rating and set a $60.00 target price (down previously from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Silicon Motion Technology Corporation currently has an average rating of “Buy” and a consensus target price of $56.63.

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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