GABELLI & Co INVESTMENT ADVISERS INC. Grows Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

GABELLI & Co INVESTMENT ADVISERS INC. grew its position in Silicon Motion Technology Co. (NASDAQ:SIMO) by 7.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 32,309 shares of the semiconductor producer’s stock after acquiring an additional 2,100 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in Silicon Motion Technology were worth $1,746,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Gabelli Funds LLC grew its position in Silicon Motion Technology by 6.4% during the 4th quarter. Gabelli Funds LLC now owns 28,400 shares of the semiconductor producer’s stock worth $1,535,000 after purchasing an additional 1,700 shares during the last quarter. Oak Associates Ltd. OH grew its holdings in shares of Silicon Motion Technology by 11.2% during the fourth quarter. Oak Associates Ltd. OH now owns 34,246 shares of the semiconductor producer’s stock worth $1,851,000 after buying an additional 3,436 shares during the last quarter. Kennedy Capital Management LLC raised its stake in Silicon Motion Technology by 4.4% during the 4th quarter. Kennedy Capital Management LLC now owns 147,599 shares of the semiconductor producer’s stock valued at $7,978,000 after acquiring an additional 6,167 shares during the last quarter. Invesco Ltd. lifted its position in Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer’s stock worth $56,146,000 after acquiring an additional 192,646 shares during the period. Finally, Quadrant Capital Group LLC increased its holdings in shares of Silicon Motion Technology by 7.2% in the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock valued at $214,000 after purchasing an additional 267 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SIMO has been the topic of a number of analyst reports. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Monday, December 23rd. StockNews.com lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $70.00 target price on shares of Silicon Motion Technology in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.63.

Silicon Motion Technology Stock Up 2.7 %

NASDAQ SIMO opened at $41.56 on Tuesday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. The business has a fifty day moving average of $51.82 and a 200-day moving average of $54.05. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. As a group, analysts anticipate that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Silicon Motion Technology Company 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.