Kornitzer Capital Management Inc. KS Buys Shares of 42,985 Silicon Motion Technology Corporation $SIMO

Kornitzer Capital Management Inc. KS bought a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 42,985 shares of the semiconductor producer’s stock, valued at approximately $4,827,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Reinhart Partners LLC. increased its stake in Silicon Motion Technology by 4.8% in the fourth quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock valued at $145,851,000 after acquiring an additional 72,421 shares during the last quarter. Hawk Ridge Capital Management LP boosted its holdings in shares of Silicon Motion Technology by 111.3% in the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after purchasing an additional 415,000 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Silicon Motion Technology by 2.3% in the 3rd quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after purchasing an additional 17,741 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Silicon Motion Technology by 40.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after purchasing an additional 181,206 shares during the last quarter. Finally, Wolf Hill Capital Management LP bought a new position in shares of Silicon Motion Technology in the 4th quarter valued at $53,893,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Up 0.6%

Shares of SIMO stock traded up $2.09 during mid-day trading on Friday, reaching $326.35. 530,373 shares of the stock traded hands, compared to its average volume of 808,586. The company has a market cap of $11.07 billion, a price-to-earnings ratio of 64.88, a price-to-earnings-growth ratio of 0.72 and a beta of 1.70. The stock’s fifty day simple moving average is $285.03 and its two-hundred day simple moving average is $178.85. Silicon Motion Technology Corporation has a 1-year low of $70.12 and a 1-year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. During the same period last year, the company earned $0.60 EPS. The firm’s revenue was up 105.5% compared to the same quarter last year. On average, equities research analysts anticipate that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Roth Capital reissued a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 29th. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. Wedbush increased their target price on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $246.43.

Insiders Place Their Bets

In related news, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. This trade represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by company insiders.

Silicon Motion Technology Profile

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.