Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 11.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 131,573 shares of the semiconductor producer’s stock after selling 16,407 shares during the quarter. Bank of America Corp DE owned about 0.39% of Silicon Motion Technology worth $7,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after buying an additional 883 shares in the last quarter. Choreo LLC purchased a new position in Silicon Motion Technology during the 4th quarter worth $209,000. Virtu Financial LLC acquired a new stake in Silicon Motion Technology during the 4th quarter worth approximately $208,000. Quadrant Capital Group LLC grew its position in Silicon Motion Technology by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock valued at $214,000 after buying an additional 267 shares during the last quarter. Finally, TradeLink Capital LLC purchased a new position in Silicon Motion Technology during the fourth quarter worth about $228,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SIMO. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Wall Street Zen cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Needham & Company LLC decreased their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. B. Riley lifted their price target on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Finally, Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.88.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $63.70 on Monday. The firm has a market capitalization of $2.16 billion, a PE ratio of 23.68, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a one year low of $37.21 and a one year high of $85.87. The company has a 50-day simple moving average of $49.92 and a 200-day simple moving average of $52.88.

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

Silicon Motion Technology announced that its Board of Directors has authorized a share buyback program on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is 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.