Wells Fargo & Company MN Decreases Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Wells Fargo & Company MN lessened its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 36.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,169 shares of the semiconductor producer’s stock after selling 5,165 shares during the quarter. Wells Fargo & Company MN’s holdings in Silicon Motion Technology were worth $496,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Silicon Motion Technology by 21.8% in the third quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer’s stock valued at $12,149,000 after buying an additional 35,741 shares in the last quarter. Perigon Wealth Management LLC purchased a new position in Silicon Motion Technology in the 4th quarter worth approximately $431,000. Rhumbline Advisers grew its position in Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock valued at $306,000 after acquiring an additional 453 shares in the last quarter. Choreo LLC purchased a new stake in shares of Silicon Motion Technology during the fourth quarter valued at approximately $209,000. Finally, Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after purchasing an additional 883 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 6.3 %

Shares of SIMO opened at $53.51 on Friday. The business’s 50-day moving average price is $48.31 and its 200 day moving average price is $52.54. The stock has a market capitalization of $1.80 billion, a P/E ratio of 19.89, a P/E/G ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 1-year low of $37.21 and a 1-year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating 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 company had revenue of $166.49 million for the quarter, compared to analysts’ expectations of $162.69 million. During the same quarter in the previous year, the business posted $0.64 EPS. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, research analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology announced that its board has initiated a share repurchase plan on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday. StockNews.com cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note 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 objective for the company in a research note on Wednesday, April 23rd. Needham & Company LLC cut their target price on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, B. Riley raised their price target on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.88.

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.