Reinhart Partners LLC. Increases Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Reinhart Partners LLC. lifted its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 20.1% during the 1st quarter, HoldingsChannel reports. The fund owned 1,364,291 shares of the semiconductor producer’s stock after acquiring an additional 228,553 shares during the period. Silicon Motion Technology accounts for 2.5% of Reinhart Partners LLC.’s portfolio, making the stock its 18th largest position. Reinhart Partners LLC.’s holdings in Silicon Motion Technology were worth $68,979,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SIMO. Blue Trust Inc. boosted its holdings in Silicon Motion Technology by 64.7% in the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock valued at $122,000 after acquiring an additional 883 shares during the last quarter. Choreo LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter worth about $209,000. Van ECK Associates Corp lifted its stake in shares of Silicon Motion Technology by 204.6% during the fourth quarter. Van ECK Associates Corp now owns 8,271 shares of the semiconductor producer’s stock worth $447,000 after purchasing an additional 5,556 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Silicon Motion Technology by 8.7% during the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock worth $306,000 after purchasing an additional 453 shares in the last quarter. Finally, TradeLink Capital LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter worth about $228,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Up 0.9%

NASDAQ SIMO opened at $67.08 on Friday. Silicon Motion Technology Co. has a 1-year low of $37.21 and a 1-year high of $85.87. The company has a market capitalization of $2.28 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 1.36 and a beta of 0.80. The firm’s fifty day simple moving average is $52.01 and its 200-day simple moving average is $53.66.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping the consensus estimate of $0.44 by $0.16. The firm had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 earnings per share. As a group, analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Needham & Company LLC cut their price target on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. B. Riley reiterated a “buy” rating and issued a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research note on Thursday. Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target on the stock in a research note on Wednesday, April 23rd. Finally, Wall Street Zen cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.75.

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.