Millennium Management LLC Cuts Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Millennium Management LLC trimmed its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 21.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 613,751 shares of the semiconductor producer’s stock after selling 169,997 shares during the period. Millennium Management LLC owned about 1.82% of Silicon Motion Technology worth $33,173,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Perigon Wealth Management LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $431,000. Rhumbline Advisers grew its holdings in shares of Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock worth $306,000 after acquiring an additional 453 shares during the period. Choreo LLC acquired a new stake in shares of Silicon Motion Technology in the 4th quarter worth approximately $209,000. Blue Trust Inc. grew its holdings in shares of Silicon Motion Technology by 64.7% in the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after acquiring an additional 883 shares during the period. Finally, Sei Investments Co. grew its holdings in shares of Silicon Motion Technology by 7.1% in the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer’s stock worth $3,179,000 after acquiring an additional 3,875 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Up 3.3%

SIMO stock opened at $63.21 on Monday. Silicon Motion Technology Co. has a 52-week low of $37.21 and a 52-week high of $85.87. The stock’s fifty day simple moving average is $48.75 and its 200-day simple moving average is $52.52. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 23.50, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The business had revenue of $166.49 million for the quarter, compared to analyst estimates of $162.69 million. During the same period last year, the company posted $0.64 EPS. The business’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, 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 of Directors has authorized a share repurchase plan on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of research reports. StockNews.com cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target on the stock in a report on Wednesday, April 23rd. B. Riley increased their target price on Silicon Motion Technology from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Needham & Company LLC lowered their target price on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Finally, Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target of $75.88.

About Silicon Motion Technology

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.