Arrowstreet Capital Limited Partnership Raises Stake in Silicon Motion Technology Corporation $SIMO

Arrowstreet Capital Limited Partnership increased its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 112.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 425,697 shares of the semiconductor producer’s stock after buying an additional 225,221 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.26% of Silicon Motion Technology worth $47,802,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of Silicon Motion Technology by 87.6% during the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after purchasing an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Silicon Motion Technology by 155.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after purchasing an additional 44,976 shares during the period. Geode Capital Management LLC grew its position in Silicon Motion Technology by 2.6% during the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after purchasing an additional 962 shares during the period. Creative Planning acquired a new stake in Silicon Motion Technology during the 2nd quarter worth about $324,000. Finally, Legal & General Group Plc raised its stake in shares of Silicon Motion Technology by 141.4% during the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock valued at $732,000 after buying an additional 5,704 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

SIMO opened at $244.45 on Tuesday. The company has a fifty day moving average of $291.08 and a two-hundred day moving average of $193.84. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 48.60, a PEG ratio of 0.60 and a beta of 1.70. Silicon Motion Technology Corporation has a fifty-two week low of $71.35 and a fifty-two week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same period in the prior year, the company posted $0.60 EPS. The company’s revenue for the quarter was up 105.5% on a year-over-year basis. On average, equities research analysts forecast that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SIMO. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wall Street Zen lowered Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. JPMorgan Chase & Co. lifted their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Susquehanna boosted their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a report on Thursday, April 30th. Finally, Weiss Ratings lowered Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $246.43.

Insider Activity at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares in the company, valued at $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by corporate insiders.

About Silicon Motion Technology

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.