Silicon Motion Technology Corporation $SIMO is Reinhart Partners LLC.’s 2nd Largest Position

Reinhart Partners LLC. grew its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,573,355 shares of the semiconductor producer’s stock after buying an additional 72,421 shares during the period. Silicon Motion Technology accounts for 4.4% of Reinhart Partners LLC.’s holdings, making the stock its 2nd biggest position. Reinhart Partners LLC. owned 4.63% of Silicon Motion Technology worth $145,851,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in SIMO. Royal Bank of Canada raised its holdings in shares of Silicon Motion Technology by 87.6% in the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after buying an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after purchasing an additional 44,976 shares during the last quarter. Geode Capital Management LLC lifted its position in Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock valued at $2,842,000 after purchasing an additional 962 shares during the period. Creative Planning acquired a new position in Silicon Motion Technology during the second quarter valued at $324,000. Finally, Legal & General Group Plc boosted its holdings in Silicon Motion Technology by 141.4% in the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock valued at $732,000 after purchasing an additional 5,704 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, February 5th. JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Finally, Roth Mkm reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Stock Performance

SIMO stock opened at $301.27 on Wednesday. The firm has a market cap of $10.22 billion, a PE ratio of 59.89, a P/E/G ratio of 0.65 and a beta of 1.72. The firm’s fifty day moving average is $185.13 and its 200 day moving average is $135.69. Silicon Motion Technology Corporation has a one year low of $62.91 and a one year high of $303.38.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. The company had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm’s revenue was up 105.5% on a year-over-year basis. During the same quarter last year, the business earned $0.60 earnings per share. Research analysts predict that Silicon Motion Technology Corporation will post 7.65 earnings per share for the current fiscal year.

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.