Schwartz Investment Counsel Inc. Acquires 40,000 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Schwartz Investment Counsel Inc. grew its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 26.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 190,000 shares of the semiconductor producer’s stock after acquiring an additional 40,000 shares during the quarter. Schwartz Investment Counsel Inc.’s holdings in Silicon Motion Technology were worth $11,541,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lord Abbett & CO. LLC bought a new position in shares of Silicon Motion Technology during the 1st quarter worth approximately $53,676,000. M&G Plc purchased a new position in Silicon Motion Technology in the first quarter valued at about $6,304,000. Morse Asset Management Inc purchased a new stake in shares of Silicon Motion Technology during the 1st quarter worth approximately $700,000. Janney Montgomery Scott LLC increased its position in Silicon Motion Technology by 14.4% in the first quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock worth $6,437,000 after buying an additional 10,513 shares during the last quarter. Finally, Oliver Luxxe Assets LLC bought a new stake in shares of Silicon Motion Technology in the first quarter valued at $875,000. 78.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SIMO shares. Roth Mkm reduced their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. B. Riley decreased their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $90.00 to $60.00 in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.11.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock opened at $56.24 on Friday. The stock’s fifty day moving average is $59.46 and its 200 day moving average is $70.15. The stock has a market cap of $1.89 billion, a P/E ratio of 24.03, a P/E/G ratio of 0.90 and a beta of 0.83. Silicon Motion Technology Co. has a one year low of $51.85 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The business’s revenue was up 50.1% on a year-over-year basis. Analysts predict that Silicon Motion Technology Co. will post 2.86 EPS for the current year.

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.