Legal & General Group Plc Maintains Stake in Silicon Motion Technology Corporation (SIMO)

Legal & General Group Plc continued to hold its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,200 shares of the semiconductor producer’s stock at the end of the second quarter. Legal & General Group Plc’s holdings in Silicon Motion Technology Corporation were worth $251,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP lifted its stake in Silicon Motion Technology Corporation by 20.7% in the first quarter. First Trust Advisors LP now owns 10,970 shares of the semiconductor producer’s stock worth $513,000 after acquiring an additional 1,878 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Silicon Motion Technology Corporation by 3,894.2% in the first quarter. Goldman Sachs Group Inc. now owns 407,410 shares of the semiconductor producer’s stock worth $19,046,000 after acquiring an additional 397,210 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Silicon Motion Technology Corporation by 5.6% in the second quarter. Janney Montgomery Scott LLC now owns 21,157 shares of the semiconductor producer’s stock worth $1,020,000 after acquiring an additional 1,119 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Silicon Motion Technology Corporation by 118.8% in the second quarter. Acadian Asset Management LLC now owns 575,025 shares of the semiconductor producer’s stock worth $27,734,000 after acquiring an additional 312,224 shares during the last quarter. Finally, Teachers Advisors LLC lifted its stake in Silicon Motion Technology Corporation by 69.3% in the first quarter. Teachers Advisors LLC now owns 615,685 shares of the semiconductor producer’s stock worth $28,783,000 after acquiring an additional 251,985 shares during the last quarter. Institutional investors own 81.02% of the company’s stock.

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Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 52.39 on Wednesday. The firm has a market capitalization of $1.87 billion, a PE ratio of 17.71 and a beta of 0.70. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $55.68. The stock has a 50 day moving average of $46.51 and a 200-day moving average of $47.04.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released 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 analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.86 earnings per share. On average, equities analysts predict that Silicon Motion Technology Corporation will post $2.69 EPS for the current year.

Silicon Motion Technology Corporation declared that its board has approved a stock buyback plan on Monday, July 31st that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor producer to repurchase up to 13.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

A number of research analysts recently issued reports on the stock. Lake Street Capital reiterated a “buy” rating and issued a $50.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. B. Riley reiterated a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a research note on Saturday, July 15th. ValuEngine downgraded shares of Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 16th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target (up previously from $54.00) on shares of Silicon Motion Technology Corporation in a research note on Monday. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Silicon Motion Technology Corporation has an average 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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