Nationwide Fund Advisors Has $1.72 Million Stake in Silicon Motion Technology Corporation (SIMO)

Nationwide Fund Advisors decreased its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 31.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,613 shares of the semiconductor producer’s stock after selling 16,554 shares during the quarter. Nationwide Fund Advisors owned 0.10% of Silicon Motion Technology Corporation worth $1,718,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. grew its holdings in shares of Silicon Motion Technology Corporation by 33.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 85,456 shares of the semiconductor producer’s stock worth $4,122,000 after purchasing an additional 21,197 shares during the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of Silicon Motion Technology Corporation by 8.9% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 447,867 shares of the semiconductor producer’s stock worth $21,601,000 after purchasing an additional 36,676 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Silicon Motion Technology Corporation by 27.9% in the 2nd quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock worth $37,990,000 after purchasing an additional 171,989 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of Silicon Motion Technology Corporation in the 2nd quarter worth about $135,000. Finally, AXA bought a new stake in shares of Silicon Motion Technology Corporation in the 2nd quarter worth about $8,066,000. 81.02% of the stock is currently owned by institutional investors and hedge funds.

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Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) opened at 52.06 on Wednesday. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $55.68. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 17.60 and a beta of 0.70. The firm’s 50-day moving average is $47.52 and its 200-day moving average is $47.19.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.04). The business had revenue of $132.70 million for the quarter, compared to analyst estimates of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. Analysts expect that Silicon Motion Technology Corporation will post $2.69 EPS for the current fiscal year.

Silicon Motion Technology Corporation announced that its board has authorized a stock buyback program on Monday, July 31st that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to repurchase up to 13.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Several equities research analysts have recently weighed in on SIMO shares. Craig Hallum reaffirmed a “buy” rating and issued a $60.00 target price (down previously from $67.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Lake Street Capital reaffirmed a “buy” rating and issued a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. B. Riley reaffirmed a “buy” rating and issued a $68.75 target price on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Roth Capital lowered their target price on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Finally, Loop Capital lowered their target price on shares of Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $57.23.

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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