West Tower Group LLC reduced its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO – Free Report) by 27.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,953 shares of the semiconductor producer’s stock after selling 3,347 shares during the quarter. Silicon Motion Technology comprises about 3.1% of West Tower Group LLC’s investment portfolio, making the stock its 12th biggest position. West Tower Group LLC’s holdings in Silicon Motion Technology were worth $1,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of SIMO. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology in the 3rd quarter worth approximately $26,000. WealthCollab LLC raised its holdings in Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the period. Arax Advisory Partners lifted its position in Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in Silicon Motion Technology during the fourth quarter worth $71,000. 78.02% of the stock is owned by institutional investors.
Insider Transactions at Silicon Motion Technology
In other news, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director directly owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 in the last three months. Insiders own 5.34% of the company’s stock.
Wall Street Analyst Weigh In
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Silicon Motion Technology Stock Down 7.5%
SIMO opened at $294.90 on Wednesday. Silicon Motion Technology Corporation has a 52 week low of $70.12 and a 52 week high of $355.00. The company has a market capitalization of $10.00 billion, a P/E ratio of 58.63, a PEG ratio of 0.71 and a beta of 1.70. The stock’s fifty day moving average is $276.04 and its two-hundred day moving average is $174.56.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business’s revenue for the quarter was up 105.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. Equities analysts anticipate that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current year.
Silicon Motion Technology 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.
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