Phocas Financial Corp. raised its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 5.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 127,512 shares of the semiconductor producer’s stock after buying an additional 6,760 shares during the period. Phocas Financial Corp. owned about 0.36% of Silicon Motion Technology Corporation worth $6,150,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. US Bancorp DE raised its stake in Silicon Motion Technology Corporation by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after buying an additional 915 shares during the period. Seven Eight Capital LP bought a new stake in Silicon Motion Technology Corporation in the second quarter valued at approximately $135,000. Hikari Power Ltd bought a new stake in Silicon Motion Technology Corporation in the second quarter valued at approximately $204,000. Summit Securities Group LLC bought a new stake in Silicon Motion Technology Corporation in the second quarter valued at approximately $204,000. Finally, Airain ltd bought a new stake in Silicon Motion Technology Corporation in the second quarter valued at approximately $213,000. Hedge funds and other institutional investors own 81.02% of the company’s stock.

Several analysts have issued reports on the company. B. Riley restated a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Lake Street Capital restated a “buy” rating and issued a $50.00 price objective (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $57.00 price objective (up previously from $54.00) on shares of Silicon Motion Technology Corporation in a research note on Monday, October 9th. Summit Redstone restated a “hold” rating on shares of Silicon Motion Technology Corporation in a research note on Saturday, July 22nd. Finally, Zacks Investment Research lowered Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $57.23.

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Silicon Motion Technology Corporation (NASDAQ SIMO) traded down 1.06% during trading on Monday, hitting $51.38. The stock had a trading volume of 305,826 shares. The firm has a market capitalization of $1.84 billion, a PE ratio of 17.37 and a beta of 0.70. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $55.68. The firm has a 50 day moving average price of $47.52 and a 200-day moving average price of $47.19.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.04). The company had revenue of $132.70 million during the quarter, compared to the consensus estimate 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 for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the firm posted $0.86 EPS. On average, equities research analysts expect that Silicon Motion Technology Corporation will post $2.69 EPS for the current year.

Silicon Motion Technology Corporation declared that its board has authorized a share repurchase plan on Monday, July 31st that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are 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.

Institutional Ownership by Quarter for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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