York Capital Management Global Advisors LLC trimmed its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 24.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 175,731 shares of the semiconductor producer’s stock after selling 55,948 shares during the quarter. York Capital Management Global Advisors LLC owned about 0.49% of Silicon Motion Technology Corporation worth $8,476,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of the stock. ARGA Investment Management LP grew its position in Silicon Motion Technology Corporation by 46.1% during the second quarter. ARGA Investment Management LP now owns 1,732,879 shares of the semiconductor producer’s stock worth $83,577,000 after buying an additional 546,487 shares in the last quarter. Lazard Asset Management LLC grew its position in Silicon Motion Technology Corporation by 10.1% during the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock worth $76,650,000 after buying an additional 150,619 shares in the last quarter. Investec Asset Management LTD grew its position in Silicon Motion Technology Corporation by 46.4% during the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock worth $79,040,000 after buying an additional 519,631 shares in the last quarter. William Blair Investment Management LLC grew its position in Silicon Motion Technology Corporation by 170.4% during the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock worth $45,715,000 after buying an additional 597,352 shares in the last quarter. Finally, Teachers Advisors LLC grew its position in Silicon Motion Technology Corporation by 27.9% during the second quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock worth $37,990,000 after buying an additional 171,989 shares in the last quarter. Institutional investors and hedge funds own 81.15% of the company’s stock.

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Several equities analysts recently commented on SIMO shares. Lake Street Capital restated a “buy” rating and set a $50.00 target price (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Wednesday, August 2nd. B. Riley restated a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology Corporation in a research report on Wednesday, August 2nd. Roth Capital reduced their target price on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, August 1st. Loop Capital reduced their target price on Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, July 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $54.00 target price (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $56.31.

Silicon Motion Technology Corporation (SIMO) traded up 3.71% during trading on Friday, hitting $51.20. The stock had a trading volume of 1,185,260 shares. The company has a 50-day moving average of $45.93 and a 200 day moving average of $46.90. The firm has a market cap of $1.83 billion, a P/E ratio of 17.31 and a beta of 0.70. Silicon Motion Technology Corporation has a 52-week low of $37.37 and a 52-week high of $55.68.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.04). The company had revenue of $132.70 million during the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.86 EPS. On average, equities research analysts predict that Silicon Motion Technology Corporation will post $2.68 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation declared that its board has approved a stock buyback program on Monday, July 31st that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor producer to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Silicon Motion Technology Corporation 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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