Bank of New York Mellon Corp lessened its stake in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 13.0% in the 2nd quarter, Holdings Channel reports. The firm owned 20,382 shares of the semiconductor producer’s stock after selling 3,046 shares during the period. Bank of New York Mellon Corp’s holdings in Silicon Motion Technology were worth $994,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of SIMO. Quantum Capital Management acquired a new stake in Silicon Motion Technology in the 1st quarter valued at approximately $100,000. Deutsche Bank AG increased its holdings in Silicon Motion Technology by 50,614.3% in the 1st quarter. Deutsche Bank AG now owns 3,550 shares of the semiconductor producer’s stock valued at $130,000 after purchasing an additional 3,543 shares during the last quarter. Optimum Investment Advisors acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at approximately $156,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at approximately $206,000. Finally, High Pointe Capital Management LLC acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at approximately $224,000. Hedge funds and other institutional investors own 69.75% of the company’s stock.
Several brokerages have commented on SIMO. Needham & Company LLC decreased their price target on shares of Silicon Motion Technology from $62.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. BidaskClub raised shares of Silicon Motion Technology from a “sell” rating to a “hold” rating in a research report on Wednesday. Susquehanna Bancshares reissued a “hold” rating and issued a $45.00 price target on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Zacks Investment Research cut shares of Silicon Motion Technology from a “hold” rating to a “sell” rating and set a $47.00 price target for the company. in a research report on Tuesday, July 21st. Finally, ValuEngine cut shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Friday, July 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Silicon Motion Technology currently has an average rating of “Hold” and a consensus price target of $52.36.
Shares of SIMO opened at $38.08 on Friday. Silicon Motion Technology Corp. has a 1-year low of $26.72 and a 1-year high of $53.04. The stock has a market cap of $1.39 billion, a PE ratio of 15.93, a price-to-earnings-growth ratio of 1.76 and a beta of 1.11. The firm has a fifty day moving average price of $37.76 and a 200 day moving average price of $41.29.
Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. Silicon Motion Technology had a net margin of 15.71% and a return on equity of 14.91%. The firm had revenue of $136.80 million during the quarter, compared to analysts’ expectations of $134.17 million. During the same period in the previous year, the company earned $0.52 earnings per share. Silicon Motion Technology’s quarterly revenue was up 38.5% compared to the same quarter last year. On average, analysts anticipate that Silicon Motion Technology Corp. will post 2.52 earnings per share for the current fiscal year.
Silicon Motion Technology Company Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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