Reinhart Partners LLC. Decreases Holdings in Silicon Motion Technology Corporation $SIMO

Reinhart Partners LLC. cut its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 26.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 966,060 shares of the semiconductor producer’s stock after selling 347,979 shares during the period. Silicon Motion Technology comprises about 7.4% of Reinhart Partners LLC.’s investment portfolio, making the stock its biggest position. Reinhart Partners LLC.’s holdings in Silicon Motion Technology were worth $322,022,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Assetmark Inc. increased its stake in shares of Silicon Motion Technology by 2.3% in the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after acquiring an additional 63 shares during the period. Wedbush Securities Inc. boosted its holdings in Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock valued at $434,000 after purchasing an additional 79 shares during the last quarter. NewEdge Wealth LLC grew its position in Silicon Motion Technology by 3.6% during the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock worth $244,000 after purchasing an additional 91 shares during the period. Cooper Investors PTY Ltd. acquired a new stake in Silicon Motion Technology during the 2nd quarter worth about $34,000. Finally, Ballentine Partners LLC raised its stake in shares of Silicon Motion Technology by 2.8% during the 4th quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock valued at $371,000 after buying an additional 110 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

SIMO has been the subject of several recent research reports. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. B. Riley Financial raised their price objective on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Susquehanna lifted their target price on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st. Needham & Company LLC boosted their target price on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Craig Hallum reissued a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $341.43.

Silicon Motion Technology Trading Down 4.2%

NASDAQ SIMO opened at $256.12 on Friday. The stock has a market capitalization of $8.69 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 0.46 and a beta of 1.71. The stock has a 50-day moving average of $286.45 and a 200 day moving average of $201.70. Silicon Motion Technology Corporation has a twelve month low of $71.35 and a twelve month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. The company had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.Silicon Motion Technology’s quarterly revenue was up 127.0% compared to the same quarter last year. During the same period last year, the company earned $0.69 earnings per share. Equities analysts predict that Silicon Motion Technology Corporation will post 10.78 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the sale, the director owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. The trade was a 11.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 in the last quarter. Insiders own 5.34% of the company’s stock.

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.