Skylands Capital LLC Decreases Position in Silicon Motion Technology Corporation (NASDAQ:SIMO)

Skylands Capital LLC lowered its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,000 shares of the semiconductor producer’s stock after selling 4,550 shares during the period. Skylands Capital LLC owned 0.21% of Silicon Motion Technology worth $3,640,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. SG Capital Management LLC purchased a new position in Silicon Motion Technology in the 4th quarter valued at approximately $15,006,000. Pertento Partners LLP grew its stake in Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock valued at $63,072,000 after buying an additional 277,462 shares in the last quarter. Reinhart Partners LLC. grew its stake in Silicon Motion Technology by 20.1% in the 1st quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer’s stock valued at $68,979,000 after buying an additional 228,553 shares in the last quarter. Wellington Management Group LLP grew its stake in Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer’s stock valued at $43,088,000 after buying an additional 228,333 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer’s stock valued at $71,612,000 after buying an additional 221,017 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $75.77 on Friday. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $85.00. The company has a market capitalization of $2.57 billion, a P/E ratio of 27.16, a P/E/G ratio of 12.25 and a beta of 0.80. The company has a fifty day moving average of $60.55 and a 200-day moving average of $55.22.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same period in the previous year, the firm posted $0.64 EPS. The firm’s revenue was down 12.1% compared to the same quarter last year. As a group, analysts forecast that Silicon Motion Technology Corporation will post 3.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SIMO shares. Citigroup upgraded shares of Silicon Motion Technology to a “buy” rating in a research note on Wednesday, June 18th. Roth Capital lifted their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 17th. B. Riley reaffirmed a “buy” rating and issued a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Needham & Company LLC decreased their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $83.89.

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.