3,837 Shares in Silicon Motion Technology Corporation $SIMO Bought by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Silicon Motion Technology Corporation (NASDAQ:SIMO) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,837 shares of the semiconductor producer’s stock, valued at approximately $288,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assetmark Inc. increased its holdings in shares of Silicon Motion Technology by 15.1% in the second quarter. Assetmark Inc. now owns 2,191 shares of the semiconductor producer’s stock worth $165,000 after buying an additional 287 shares during the period. GAMMA Investing LLC grew its position in Silicon Motion Technology by 118.3% during the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after acquiring an additional 529 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Silicon Motion Technology by 11.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 6,351 shares of the semiconductor producer’s stock worth $477,000 after purchasing an additional 659 shares during the period. Blue Trust Inc. increased its stake in Silicon Motion Technology by 53.3% in the 2nd quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer’s stock worth $152,000 after purchasing an additional 704 shares during the period. Finally, Cadence Bank lifted its position in Silicon Motion Technology by 4.9% in the first quarter. Cadence Bank now owns 15,626 shares of the semiconductor producer’s stock valued at $790,000 after purchasing an additional 737 shares during the last quarter. 78.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SIMO. Wedbush set a $120.00 target price on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Roth Capital reissued a “buy” rating and issued a $120.00 price target on shares of Silicon Motion Technology in a report on Friday, October 31st. Craig Hallum upped their price objective on shares of Silicon Motion Technology from $70.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $111.25.

Silicon Motion Technology Trading Up 3.4%

Shares of SIMO opened at $87.58 on Friday. The firm’s 50-day moving average price is $92.67 and its 200-day moving average price is $79.99. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 36.95, a PEG ratio of 1.75 and a beta of 1.03. Silicon Motion Technology Corporation has a 1-year low of $37.21 and a 1-year high of $106.60.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s payout ratio is presently 68.73%.

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.