Tributary Capital Management LLC reduced its position in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 41.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 187,320 shares of the semiconductor producer’s stock after selling 133,834 shares during the period. Tributary Capital Management LLC owned 0.52% of Silicon Motion Technology worth $10,059,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Zweig DiMenna Associates LLC purchased a new stake in shares of Silicon Motion Technology in the third quarter worth about $5,773,000. Fox Run Management L.L.C. purchased a new stake in Silicon Motion Technology during the third quarter valued at approximately $549,000. United Services Automobile Association raised its position in Silicon Motion Technology by 22.7% during the second quarter. United Services Automobile Association now owns 225,595 shares of the semiconductor producer’s stock valued at $11,932,000 after purchasing an additional 41,700 shares during the period. Northern Trust Corp raised its position in Silicon Motion Technology by 3.3% during the second quarter. Northern Trust Corp now owns 278,147 shares of the semiconductor producer’s stock valued at $14,711,000 after purchasing an additional 8,948 shares during the period. Finally, Advisors Asset Management Inc. raised its position in Silicon Motion Technology by 10.4% during the second quarter. Advisors Asset Management Inc. now owns 31,983 shares of the semiconductor producer’s stock valued at $1,692,000 after purchasing an additional 3,004 shares during the period. Institutional investors own 75.08% of the company’s stock.
A number of equities research analysts have issued reports on the company. Cowen upgraded Silicon Motion Technology from a “market perform” rating to an “outperform” rating and set a $53.00 price objective on the stock in a research report on Wednesday, August 15th. Roth Capital upped their price objective on Silicon Motion Technology to $65.00 and gave the company a “buy” rating in a research report on Wednesday, August 1st. Morgan Stanley restated an “equal weight” rating on shares of Silicon Motion Technology in a research report on Thursday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, August 1st. Finally, KeyCorp assumed coverage on Silicon Motion Technology in a research report on Tuesday, September 25th. They set a “sector weight” rating and a $60.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $58.40.
Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, July 31st. The semiconductor producer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.24. The firm had revenue of $138.10 million for the quarter, compared to analysts’ expectations of $137.80 million. Silicon Motion Technology had a return on equity of 15.97% and a net margin of 15.28%. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 earnings per share. As a group, equities research analysts predict that Silicon Motion Technology Corp. will post 3.05 EPS for the current year.
Silicon Motion Technology Company Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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