Bank of New York Mellon Corp cut its stake in shares of Power Integrations Inc (NASDAQ:POWI) by 11.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,241,284 shares of the semiconductor company’s stock after selling 164,149 shares during the quarter. Bank of New York Mellon Corp owned approximately 4.22% of Power Integrations worth $90,676,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in POWI. Public Employees Retirement System of Ohio increased its stake in Power Integrations by 42.3% in the second quarter. Public Employees Retirement System of Ohio now owns 160,067 shares of the semiconductor company’s stock worth $11,693,000 after purchasing an additional 47,555 shares during the period. Granahan Investment Management Inc. MA increased its stake in Power Integrations by 114.5% in the second quarter. Granahan Investment Management Inc. MA now owns 207,088 shares of the semiconductor company’s stock worth $15,128,000 after purchasing an additional 110,545 shares during the period. Disciplined Growth Investors Inc. MN increased its stake in Power Integrations by 19.6% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,658,590 shares of the semiconductor company’s stock worth $121,160,000 after purchasing an additional 271,950 shares during the period. Tower Research Capital LLC TRC purchased a new stake in Power Integrations in the second quarter worth $632,000. Finally, Voya Investment Management LLC increased its stake in Power Integrations by 4.4% in the second quarter. Voya Investment Management LLC now owns 507,225 shares of the semiconductor company’s stock worth $37,053,000 after purchasing an additional 21,172 shares during the period. Institutional investors own 97.86% of the company’s stock.
In other news, VP Doug Bailey sold 500 shares of the stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $72.95, for a total transaction of $36,475.00. Following the transaction, the vice president now owns 53,708 shares of the company’s stock, valued at approximately $3,917,998.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Nicholas Brathwaite sold 8,000 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $57.24, for a total value of $457,920.00. Following the sale, the director now directly owns 31,458 shares in the company, valued at approximately $1,800,655.92. The disclosure for this sale can be found here. Insiders have sold a total of 16,528 shares of company stock worth $1,076,561 in the last three months. Corporate insiders own 4.00% of the company’s stock.
A number of research firms have weighed in on POWI. BidaskClub lowered Power Integrations from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Zacks Investment Research lowered Power Integrations from a “hold” rating to a “sell” rating in a research note on Wednesday, August 1st. Stifel Nicolaus lowered Power Integrations from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $75.00 in a research note on Wednesday, September 12th. ValuEngine upgraded Power Integrations from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Finally, Loop Capital lowered Power Integrations from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Power Integrations has an average rating of “Hold” and an average target price of $82.20.
POWI opened at $57.75 on Friday. Power Integrations Inc has a 12-month low of $47.35 and a 12-month high of $82.05. The firm has a market cap of $1.73 billion, a PE ratio of 25.33 and a beta of 0.96.
Power Integrations (NASDAQ:POWI) last posted its quarterly earnings results on Thursday, October 25th. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. Power Integrations had a return on equity of 13.46% and a net margin of 7.04%. The business had revenue of $110.09 million for the quarter, compared to the consensus estimate of $113.95 million. On average, research analysts forecast that Power Integrations Inc will post 1.99 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, November 30th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Thursday, November 29th. Power Integrations’s payout ratio is 28.07%.
About Power Integrations
Power Integrations, Inc designs, develops, and markets analog and mixed-signal integrated circuits (ICs), and other electronic components and circuitry used in high-voltage power conversion. The company offers a range of alternating current 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, liquid-crystal-display monitors, main and standby power supplies for desktop computers and TVs, light-emitting diode lamps, and other consumer and industrial applications.
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