Public Employees Retirement System of Ohio Lowers Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Public Employees Retirement System of Ohio lowered its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 48.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,785 shares of the semiconductor producer's stock after selling 47,421 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.15% of Silicon Motion Technology worth $2,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SIMO. SG Capital Management LLC bought a new stake in shares of Silicon Motion Technology during the fourth quarter valued at approximately $15,006,000. Pertento Partners LLP increased its position in shares of Silicon Motion Technology by 31.2% during the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after acquiring an additional 277,462 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after acquiring an additional 228,333 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of Silicon Motion Technology by 20.0% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock valued at $71,612,000 after acquiring an additional 221,017 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Silicon Motion Technology by 22.8% during the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after acquiring an additional 192,646 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock traded up $0.65 on Wednesday, hitting $65.64. 384,994 shares of the company's stock were exchanged, compared to its average volume of 389,696. The company has a 50-day simple moving average of $51.07 and a 200-day simple moving average of $53.39. The stock has a market capitalization of $2.23 billion, a PE ratio of 24.40, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87.

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

Silicon Motion Technology declared that its board has authorized a share repurchase plan on Wednesday, February 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price for the company in a research report on Wednesday, April 23rd. B. Riley lifted their target price on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Wall Street Zen downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC cut their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Profile

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.