1492 Capital Management LLC Buys New Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

1492 Capital Management LLC purchased a new position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 30,622 shares of the semiconductor producer’s stock, valued at approximately $1,655,000.

Other large investors have also bought and sold shares of the company. Pertento Partners LLP grew its holdings in shares of Silicon Motion Technology by 31.2% in the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock worth $63,072,000 after purchasing an additional 277,462 shares during the last quarter. Wellington Management Group LLP boosted its position in Silicon Motion Technology by 40.1% during 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 during the period. Oddo BHF Asset Management Sas bought a new stake in Silicon Motion Technology in the 3rd quarter worth $13,211,000. Lord Abbett & CO. LLC increased its position in shares of Silicon Motion Technology by 21.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock valued at $67,051,000 after acquiring an additional 196,609 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Silicon Motion Technology by 22.8% during the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer’s stock valued at $56,146,000 after acquiring an additional 192,646 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 1.6 %

SIMO opened at $39.22 on Friday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. The stock has a fifty day simple moving average of $51.00 and a two-hundred day simple moving average of $53.72. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87.

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

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

Wall Street Analyst Weigh In

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

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.