Royce & Associates LP lessened its stake in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 15.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 664,496 shares of the semiconductor producer’s stock after selling 118,300 shares during the quarter. Royce & Associates LP owned about 1.84% of Silicon Motion Technology worth $35,145,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pitcairn Co. acquired a new position in shares of Silicon Motion Technology during the second quarter worth about $201,000. A.R.T. Advisors LLC acquired a new position in Silicon Motion Technology during the first quarter valued at approximately $213,000. Comerica Securities Inc. acquired a new position in Silicon Motion Technology during the first quarter valued at approximately $265,000. FNY Investment Advisers LLC acquired a new position in Silicon Motion Technology during the second quarter valued at approximately $285,000. Finally, Engineers Gate Manager LP acquired a new position in Silicon Motion Technology during the second quarter valued at approximately $397,000. Institutional investors and hedge funds own 75.80% of the company’s stock.

Shares of SIMO traded down $0.81 during midday trading on Friday, hitting $53.41. The company’s stock had a trading volume of 239,220 shares, compared to its average volume of 252,980. Silicon Motion Technology Corp. has a one year low of $42.57 and a one year high of $61.85. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 23.44 and a beta of 0.46.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, July 31st. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.24. Silicon Motion Technology had a return on equity of 15.97% and a net margin of 15.28%. The company had revenue of $138.10 million for the quarter, compared to analyst estimates of $137.80 million. During the same quarter last year, the company posted $0.71 EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. equities analysts expect that Silicon Motion Technology Corp. will post 3.05 earnings per share for the current fiscal year.

Several brokerages recently commented on SIMO. Cowen assumed coverage on Silicon Motion Technology in a research report on Tuesday, May 22nd. They set a “market perform” rating and a $53.00 price target for the company. ValuEngine raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Zacks Investment Research raised Silicon Motion Technology from a “sell” rating to a “hold” rating in a research report on Friday, June 1st. Benchmark started coverage on Silicon Motion Technology in a research note on Friday, June 22nd. They set a “buy” rating and a $62.00 target price on the stock. Finally, BidaskClub upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Silicon Motion Technology currently has an average rating of “Buy” and an average target price of $57.67.

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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Institutional Ownership by Quarter for Silicon Motion Technology (NASDAQ:SIMO)

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