Prudential Financial Inc. decreased its stake in shares of Power Integrations Inc (NASDAQ:POWI) by 9.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,282 shares of the semiconductor company’s stock after selling 5,190 shares during the quarter. Prudential Financial Inc. owned about 0.17% of Power Integrations worth $3,681,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. Huntington National Bank increased its stake in Power Integrations by 22.8% during the second quarter. Huntington National Bank now owns 1,504 shares of the semiconductor company’s stock worth $110,000 after acquiring an additional 279 shares during the last quarter. Advisor Group Inc. increased its holdings in Power Integrations by 14.5% in the 2nd quarter. Advisor Group Inc. now owns 1,827 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 231 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in Power Integrations by 71.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,397 shares of the semiconductor company’s stock valued at $175,000 after purchasing an additional 997 shares during the last quarter. Turner Investments LLC acquired a new stake in Power Integrations in the 2nd quarter valued at approximately $182,000. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Power Integrations by 6.3% in the second quarter. Ameritas Investment Partners Inc. now owns 2,519 shares of the semiconductor company’s stock worth $184,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 97.55% of the company’s stock.
Shares of Power Integrations Inc (NASDAQ POWI) traded up $1.35 on Friday, hitting $78.50. 133,800 shares of the stock traded hands, compared to its average volume of 170,035. The company has a market cap of $2,401.12, a PE ratio of 38.48 and a beta of 1.29. Power Integrations Inc has a one year low of $61.44 and a one year high of $86.60.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Thursday, November 30th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Wednesday, November 29th. Power Integrations’s payout ratio is presently 29.02%.
POWI has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Power Integrations from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. BidaskClub cut shares of Power Integrations from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Stifel Nicolaus reissued a “buy” rating and issued a $85.00 price target on shares of Power Integrations in a report on Wednesday, October 4th. Finally, Drexel Hamilton reissued a “buy” rating and issued a $84.00 price target on shares of Power Integrations in a report on Friday, October 27th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $83.50.
In other Power Integrations news, CEO Balu Balakrishnan sold 51,350 shares of Power Integrations stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $80.71, for a total value of $4,144,458.50. Following the transaction, the chief executive officer now owns 268,226 shares in the company, valued at $21,648,520.46. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Ben Sutherland sold 500 shares of Power Integrations stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $79.58, for a total value of $39,790.00. Following the completion of the transaction, the vice president now owns 40,965 shares in the company, valued at approximately $3,259,994.70. The disclosure for this sale can be found here. Insiders have sold a total of 62,385 shares of company stock valued at $5,022,108 in the last ninety days. Insiders own 4.30% of the company’s stock.
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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’s products are used in power converters that convert electricity from a high-voltage source to the type of power required for downstream use.
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