New York State Common Retirement Fund raised its position in Power Integrations, Inc. (NASDAQ:POWI) by 90.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 183,880 shares of the semiconductor company’s stock after acquiring an additional 87,100 shares during the period. New York State Common Retirement Fund’s holdings in Power Integrations were worth $10,187,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the business. Captrust Financial Advisors acquired a new stake in shares of Power Integrations during the 2nd quarter worth approximately $37,000. USA Financial Portformulas Corp bought a new position in Power Integrations in the third quarter worth $37,000. Cornerstone Advisors Inc. boosted its stake in Power Integrations by 100.0% during the third quarter. Cornerstone Advisors Inc. now owns 714 shares of the semiconductor company’s stock worth $40,000 after buying an additional 357 shares in the last quarter. Huntington National Bank boosted its position in shares of Power Integrations by 100.0% during the 3rd quarter. Huntington National Bank now owns 1,268 shares of the semiconductor company’s stock valued at $70,000 after acquiring an additional 634 shares in the last quarter. Finally, Guinness Atkinson Asset Management Inc boosted its holdings in Power Integrations by 166.7% during the third quarter. Guinness Atkinson Asset Management Inc now owns 1,520 shares of the semiconductor company’s stock valued at $84,000 after purchasing an additional 950 shares in the last quarter. Institutional investors own 49.03% of the company’s stock.
POWI has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Power Integrations from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Tuesday, October 20th. Cowen assumed coverage on shares of Power Integrations in a research note on Monday, October 12th. They issued an “outperform” rating and a $72.00 target price for the company. Piper Sandler started coverage on shares of Power Integrations in a research note on Monday, October 12th. They set an “overweight” rating on the stock. Stifel Nicolaus dropped their price objective on shares of Power Integrations from $138.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Finally, Northland Securities raised Power Integrations from an “under perform” rating to a “market perform” rating and set a $65.00 price objective on the stock in a report on Thursday, August 20th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $83.50.
In other Power Integrations news, VP David Mh Matthews sold 3,764 shares of the company’s stock in a transaction that occurred on Thursday, November 19th. The shares were sold at an average price of $68.51, for a total value of $257,871.64. Following the completion of the sale, the vice president now owns 105,322 shares of the company’s stock, valued at $7,215,610.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Balu Balakrishnan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $65.26, for a total transaction of $3,263,000.00. The disclosure for this sale can be found here. Insiders sold 63,590 shares of company stock worth $4,118,401 in the last three months. Insiders own 2.10% of the company’s stock.
POWI opened at $69.18 on Friday. The firm has a 50 day simple moving average of $61.88 and a 200 day simple moving average of $89.20. Power Integrations, Inc. has a fifty-two week low of $38.57 and a fifty-two week high of $71.26. The company has a market cap of $4.14 billion, a price-to-earnings ratio of 20.29 and a beta of 1.02.
Power Integrations (NASDAQ:POWI) last issued its earnings results on Thursday, October 29th. The semiconductor company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. Power Integrations had a net margin of 45.94% and a return on equity of 9.38%. The company had revenue of $121.13 million during the quarter, compared to analysts’ expectations of $115.18 million. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts anticipate that Power Integrations, Inc. will post 1.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Monday, November 30th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Friday, November 27th. Power Integrations’s payout ratio is 49.44%.
Power Integrations Company Profile
Power Integrations, Inc designs, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs), and other electronic components and circuitry used in high-voltage power conversion worldwide. The company offers a range of alternating current (AC) to direct current (DC) power conversion products that address power supply ranging from less than 1 watt of output to approximately 500 watts of output for mobile-device chargers, consumer appliances, utility meters, LCD monitors, main and standby power supplies for desktop computers and TVs, LED lighting, and other consumer and industrial applications, as well as LED lighting.
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