Eagle Asset Management Inc. trimmed its holdings in shares of Power Integrations Inc (NASDAQ:POWI) by 11.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 232,526 shares of the semiconductor company’s stock after selling 30,574 shares during the quarter. Eagle Asset Management Inc.’s holdings in Power Integrations were worth $16,971,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of POWI. GSA Capital Partners LLP bought a new stake in shares of Power Integrations during the second quarter worth approximately $208,000. Advisor Group Inc. raised its stake in shares of Power Integrations by 14.5% during the second quarter. Advisor Group Inc. now owns 1,827 shares of the semiconductor company’s stock worth $132,000 after buying an additional 231 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Power Integrations by 3.3% during the second quarter. Parametric Portfolio Associates LLC now owns 64,356 shares of the semiconductor company’s stock worth $4,692,000 after buying an additional 2,048 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Power Integrations during the second quarter worth approximately $346,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Power Integrations by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 22,400 shares of the semiconductor company’s stock worth $1,633,000 after buying an additional 1,046 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.
Shares of Power Integrations Inc (NASDAQ:POWI) opened at $64.85 on Tuesday. Power Integrations Inc has a 12 month low of $60.55 and a 12 month high of $86.60. The company has a market cap of $1,934.77, a P/E ratio of 28.44 and a beta of 1.17.
Power Integrations announced that its Board of Directors has initiated a stock buyback program on Thursday, February 1st that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Wednesday, February 28th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend is Tuesday, February 27th. This is an increase from Power Integrations’s previous quarterly dividend of $0.14. Power Integrations’s dividend payout ratio is presently 62.22%.
In other news, VP David Mh Matthews sold 704 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $78.33, for a total transaction of $55,144.32. Following the completion of the sale, the vice president now owns 42,654 shares of the company’s stock, valued at $3,341,087.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Nayyar sold 920 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $66.39, for a total transaction of $61,078.80. Following the sale, the chief financial officer now directly owns 65,345 shares of the company’s stock, valued at approximately $4,338,254.55. The disclosure for this sale can be found here. Insiders sold 24,933 shares of company stock valued at $1,842,384 in the last ninety days. Insiders own 4.30% of the company’s stock.
A number of research firms recently weighed in on POWI. Drexel Hamilton reissued a “buy” rating and set a $84.00 price target on shares of Power Integrations in a research note on Friday, October 27th. Susquehanna Bancshares assumed coverage on shares of Power Integrations in a research note on Wednesday, December 13th. They issued a “neutral” rating and a $80.00 target price for the company. They noted that the move was a valuation call. BidaskClub downgraded shares of Power Integrations from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Sidoti downgraded shares of Power Integrations from a “buy” rating to a “neutral” rating in a research note on Friday, February 2nd. Finally, Zacks Investment Research downgraded shares of Power Integrations from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Power Integrations presently has an average rating of “Hold” and an average target price of $81.40.
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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