JPMorgan Chase & Co. Sells 1,001 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

JPMorgan Chase & Co. decreased its stake in Silicon Motion Technology Co. (NASDAQ:SIMO) by 0.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 199,015 shares of the semiconductor producer’s stock after selling 1,001 shares during the quarter. JPMorgan Chase & Co. owned about 0.59% of Silicon Motion Technology worth $10,757,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SIMO. GAMMA Investing LLC boosted its stake in Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after buying an additional 484 shares during the period. Blue Trust Inc. lifted its holdings in shares of Silicon Motion Technology by 64.7% in the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after acquiring an additional 883 shares during the last quarter. Choreo LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth about $209,000. Virtu Financial LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth about $208,000. Finally, HighTower Advisors LLC grew its holdings in Silicon Motion Technology by 27.8% during the 3rd quarter. HighTower Advisors LLC now owns 3,954 shares of the semiconductor producer’s stock valued at $240,000 after purchasing an additional 861 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

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

Silicon Motion Technology Stock Up 2.7 %

SIMO opened at $41.56 on Tuesday. The stock’s fifty day moving average is $51.82 and its two-hundred day moving average is $54.05. The company has a market capitalization of $1.40 billion, a P/E ratio of 15.45, a PEG ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 52 week low of $37.21 and a 52 week high of $85.87.

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

Silicon Motion Technology declared that its board has initiated a share buyback plan on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.