Airain ltd Acquires New Position in Silicon Motion Technology Corporation (SIMO)

Airain ltd acquired a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,426 shares of the semiconductor producer’s stock, valued at approximately $213,000.

Other institutional investors also recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Silicon Motion Technology Corporation by 71.5% during the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after acquiring an additional 915 shares in the last quarter. Summit Securities Group LLC acquired a new position in Silicon Motion Technology Corporation during the second quarter worth $204,000. Atria Investments LLC acquired a new position in Silicon Motion Technology Corporation during the second quarter worth $270,000. Sei Investments Co. raised its stake in Silicon Motion Technology Corporation by 4.7% during the first quarter. Sei Investments Co. now owns 6,106 shares of the semiconductor producer’s stock worth $286,000 after acquiring an additional 275 shares in the last quarter. Finally, Great Lakes Advisors LLC raised its stake in Silicon Motion Technology Corporation by 8.6% during the first quarter. Great Lakes Advisors LLC now owns 6,753 shares of the semiconductor producer’s stock worth $316,000 after acquiring an additional 535 shares in the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Several research firms have issued reports on SIMO. Standpoint Research upgraded Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a research note on Wednesday, August 30th. Loop Capital reiterated a “buy” rating and set a $51.00 price objective on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 22nd. Lake Street Capital restated a “buy” rating and set a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, August 8th. B. Riley restated a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology Corporation in a report on Monday, August 7th. Finally, Craig Hallum restated a “buy” rating and set a $60.00 target price (down previously from $67.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. Silicon Motion Technology Corporation has an average rating of “Buy” and an average target price of $56.63.

Silicon Motion Technology Corporation (SIMO) opened at 47.14 on Monday. The company has a market cap of $1.68 billion, a PE ratio of 15.94 and a beta of 0.67. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $55.68. The company has a 50-day moving average price of $43.29 and a 200 day moving average price of $46.26.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The firm had revenue of $132.70 million during the quarter, compared to analyst estimates of $132.92 million. During the same period in the previous year, the company earned $0.86 EPS. Silicon Motion Technology Corporation’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, analysts forecast that Silicon Motion Technology Corporation will post $2.67 EPS for the current fiscal year.

Silicon Motion Technology Corporation declared that its Board of Directors has initiated a share repurchase program on Monday, July 31st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor producer to reacquire up to 13.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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About Silicon Motion Technology Corporation

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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