Public Employees Retirement System of Ohio Invests $11.78 Million in Silicon Motion Technology Corporation $SIMO

Public Employees Retirement System of Ohio purchased a new stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) during the second quarter, Holdings Channel reports. The fund purchased 35,330 shares of the semiconductor producer’s stock, valued at approximately $11,777,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Royal Bank of Canada boosted its holdings in Silicon Motion Technology by 87.6% in the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after purchasing an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Silicon Motion Technology by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after buying an additional 44,976 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Silicon Motion Technology by 2.6% in the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after buying an additional 962 shares during the last quarter. Creative Planning bought a new stake in shares of Silicon Motion Technology during the 2nd quarter worth about $324,000. Finally, Legal & General Group Plc boosted its stake in shares of Silicon Motion Technology by 141.4% during the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after acquiring an additional 5,704 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $245.81 on Monday. Silicon Motion Technology Corporation has a 52 week low of $77.22 and a 52 week high of $355.00. The firm has a market capitalization of $8.33 billion, a PE ratio of 28.82, a PEG ratio of 0.43 and a beta of 1.71. The business’s 50-day simple moving average is $275.85 and its 200-day simple moving average is $215.97.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. The firm had revenue of $451.00 million during the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The firm’s revenue for the quarter was up 127.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 EPS. Research analysts forecast that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Weiss Ratings raised Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Wedbush upped their target price 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. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Craig Hallum reissued a “buy” rating and issued a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st. Finally, Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $341.43.

Insider Buying and Selling

In other news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were 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 in the company, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the business’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 transaction, the director directly owned 8,500 shares in the company, valued at $2,592,500. This trade represents a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. Corporate insiders own 5.34% of the company’s stock.

Silicon Motion Technology Company 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.