State Board of Administration of Florida Retirement System reduced its position in Power Integrations Inc. (NASDAQ:POWI) by 4.3% during the second quarter, Holdings Channel reports. The institutional investor owned 14,248 shares of the company’s stock after selling 645 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Power Integrations were worth $713,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Tygh Capital Management Inc. raised its stake in shares of Power Integrations by 71.5% in the second quarter. Tygh Capital Management Inc. now owns 116,273 shares of the company’s stock worth $5,822,000 after buying an additional 48,485 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Power Integrations during the second quarter worth $3,436,000. Rothschild Asset Management Inc. raised its position in Power Integrations by 10.5% in the second quarter. Rothschild Asset Management Inc. now owns 80,997 shares of the company’s stock worth $4,056,000 after buying an additional 7,728 shares during the period. Kleinwort Benson Investors Dublin Ltd bought a new position in Power Integrations during the second quarter worth $3,824,000. Finally, Suntrust Banks Inc. raised its position in Power Integrations by 2.2% in the second quarter. Suntrust Banks Inc. now owns 4,959 shares of the company’s stock worth $247,000 after buying an additional 107 shares during the period. 97.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Power Integrations Inc. (NASDAQ:POWI) traded up 2.45% during trading on Friday, hitting $63.03. The stock had a trading volume of 160,068 shares. Power Integrations Inc. has a 12-month low of $39.53 and a 12-month high of $63.26. The company has a market cap of $1.82 billion, a PE ratio of 41.91 and a beta of 1.11. The stock’s 50 day moving average is $59.18 and its 200-day moving average is $52.51.
Power Integrations (NASDAQ:POWI) last issued its earnings results on Thursday, July 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.09. The business earned $97.20 million during the quarter, compared to the consensus estimate of $91.22 million. Power Integrations had a return on equity of 11.64% and a net margin of 12.36%. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 EPS. Analysts forecast that Power Integrations Inc. will post $2.33 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, August 31st were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Monday, August 29th. Power Integrations’s payout ratio is currently 34.44%.
POWI has been the topic of a number of recent research reports. Deutsche Bank AG boosted their price objective on Power Integrations from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research raised Power Integrations from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Wednesday, July 20th. Finally, Sidoti lowered Power Integrations from a “buy” rating to a “neutral” rating in a research note on Thursday, June 23rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Power Integrations has an average rating of “Buy” and a consensus target price of $60.40.
In other Power Integrations news, CEO Balu Balakrishnan sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the transaction, the chief executive officer now owns 210,730 shares of the company’s stock, valued at $11,590,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Doug Bailey sold 500 shares of the firm’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $51.25, for a total value of $25,625.00. Following the transaction, the vice president now directly owns 27,719 shares of the company’s stock, valued at approximately $1,420,598.75. The disclosure for this sale can be found here. 5.70% of the stock is owned by corporate insiders.
Power Integrations Company Profile
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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