Public Employees Retirement System of Ohio Has $2.69 Million Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Public Employees Retirement System of Ohio decreased its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 48.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,785 shares of the semiconductor producer's stock after selling 47,421 shares during the quarter. Public Employees Retirement System of Ohio owned 0.15% of Silicon Motion Technology worth $2,691,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of SIMO. Blue Trust Inc. boosted its position in Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after purchasing an additional 883 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Silicon Motion Technology during the 4th quarter valued at about $431,000. Calamos Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 4th quarter valued at approximately $3,707,000. Deltec Asset Management LLC bought a new position in Silicon Motion Technology during the fourth quarter valued at approximately $408,000. Finally, Choreo LLC bought a new position in Silicon Motion Technology during the fourth quarter valued at approximately $209,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of analyst reports. Wall Street Zen lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. B. Riley increased their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a research report on Wednesday, April 23rd. Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Needham & Company LLC lowered their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Price Performance

SIMO stock traded up $2.36 on Monday, reaching $63.56. 396,080 shares of the company were exchanged, compared to its average volume of 388,287. The firm has a market capitalization of $2.16 billion, a PE ratio of 23.63, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 12 month low of $37.21 and a 12 month high of $85.87. The stock's fifty day moving average price is $50.60 and its 200 day moving average price is $53.22.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business's revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS. As a group, research analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has approved a share buyback program on Wednesday, February 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

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.