Citigroup Inc. Has $303,000 Stake in Silicon Motion Technology Corporation (SIMO)

Citigroup Inc. reduced its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 96.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,285 shares of the semiconductor producer’s stock after selling 152,225 shares during the period. Citigroup Inc.’s holdings in Silicon Motion Technology Corporation were worth $303,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. US Bancorp DE lifted its position in shares of Silicon Motion Technology Corporation by 71.5% during the 1st quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after buying an additional 915 shares in the last quarter. Seven Eight Capital LP purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $135,000. Hikari Power Ltd purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $204,000. Summit Securities Group LLC purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $204,000. Finally, Airain ltd purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $213,000. 81.02% of the stock is currently owned by hedge funds and other institutional investors.

WARNING: “Citigroup Inc. Has $303,000 Stake in Silicon Motion Technology Corporation (SIMO)” was originally posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was illegally stolen and republished in violation of international copyright & trademark legislation. The original version of this article can be accessed at https://ledgergazette.com/2017/10/18/citigroup-inc-has-303000-stake-in-silicon-motion-technology-corporation-simo.html.

Shares of Silicon Motion Technology Corporation (SIMO) opened at 52.06 on Wednesday. The stock has a market capitalization of $1.86 billion, a PE ratio of 17.60 and a beta of 0.70. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $55.68. The stock’s 50 day moving average price is $47.52 and its 200 day moving average price is $47.19.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.04). The firm had revenue of $132.70 million during the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 EPS. Equities research analysts predict that Silicon Motion Technology Corporation will post $2.69 EPS for the current fiscal year.

Silicon Motion Technology Corporation declared that its board has authorized a stock repurchase plan on Monday, July 31st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to buy up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

SIMO has been the topic of a number of research analyst reports. Zacks Investment Research raised Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub cut Silicon Motion Technology Corporation from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a report on Friday, July 7th. Standpoint Research raised Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a report on Wednesday, August 30th. Finally, Loop Capital boosted their price target on Silicon Motion Technology Corporation from $51.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, October 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $57.23.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated c

Other hedge funds also recently bought and sold shares of the company. US Bancorp DE lifted its position in shares of Silicon Motion Technology Corporation by 71.5% during the 1st quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after buying an additional 915 shares in the last quarter. Seven Eight Capital LP purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $135,000. Hikari Power Ltd purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $204,000. Summit Securities Group LLC purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $204,000. Finally, Airain ltd purchased a new position in Silicon Motion Technology Corporation in the 2nd quarter worth approximately $213,000. 81.02% of the stock is currently owned by hedge funds and other institutional investors.

WARNING: “Citigroup Inc. Has $303,000 Stake in Silicon Motion Technology Corporation (SIMO)” was originally posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was illegally stolen and republished in violation of international copyright & trademark legislation. The original version of this article can be accessed at https://ledgergazette.com/2017/10/18/citigroup-inc-has-303000-stake-in-silicon-motion-technology-corporation-simo.html.

Shares of Silicon Motion Technology Corporation (SIMO) opened at 52.06 on Wednesday. The stock has a market capitalization of $1.86 billion, a PE ratio of 17.60 and a beta of 0.70. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $55.68. The stock’s 50 day moving average price is $47.52 and its 200 day moving average price is $47.19.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.04). The firm had revenue of $132.70 million during the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 EPS. Equities research analysts predict that Silicon Motion Technology Corporation will post $2.69 EPS for the current fiscal year.

Silicon Motion Technology Corporation declared that its board has authorized a stock repurchase plan on Monday, July 31st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to buy up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

SIMO has been the topic of a number of research analyst reports. Zacks Investment Research raised Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub cut Silicon Motion Technology Corporation from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a report on Friday, July 7th. Standpoint Research raised Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a report on Wednesday, August 30th. Finally, Loop Capital boosted their price target on Silicon Motion Technology Corporation from $51.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, October 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $57.23.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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

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