Chase Investment Counsel Corp Makes New Investment in Silicon Motion Technology Corporation $SIMO

Chase Investment Counsel Corp acquired a new position in Silicon Motion Technology Corporation (NASDAQ:SIMO) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 28,472 shares of the semiconductor producer’s stock, valued at approximately $3,197,000.

Other institutional investors have also recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology during the 3rd quarter worth approximately $26,000. WealthCollab LLC increased its holdings in shares of Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the period. Arax Advisory Partners raised its position in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after buying an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new stake in shares of Silicon Motion Technology in the fourth quarter valued at approximately $71,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Up 10.1%

SIMO stock opened at $278.17 on Wednesday. The company’s 50-day moving average price is $290.03 and its two-hundred day moving average price is $188.91. The firm has a market cap of $9.43 billion, a P/E ratio of 55.30, a P/E/G ratio of 0.56 and a beta of 1.70. Silicon Motion Technology Corporation has a 12 month low of $71.16 and a 12 month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. During the same quarter in the prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 105.5% on a year-over-year basis. Equities analysts predict that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

Insider Buying and Selling

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction 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. This represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction 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 sale, the director owned 7,500 shares of the company’s stock, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 4,000 shares of company stock worth $1,239,250 over the last three months. 5.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on SIMO. Wedbush increased their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. raised their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Weiss Ratings downgraded Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Finally, Roth Capital reissued a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $246.43.

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.