Northern Trust Corp boosted its stake in Power Integrations, Inc. (NASDAQ:POWI) by 5.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 532,910 shares of the semiconductor company’s stock after acquiring an additional 29,216 shares during the period. Northern Trust Corp owned 1.79% of Power Integrations worth $38,849,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Jennison Associates LLC raised its holdings in Power Integrations by 0.4% in the second quarter. Jennison Associates LLC now owns 5,424 shares of the semiconductor company’s stock valued at $395,000 after acquiring an additional 23 shares in the last quarter. Renaissance Group LLC raised its holdings in Power Integrations by 1.1% in the second quarter. Renaissance Group LLC now owns 5,278 shares of the semiconductor company’s stock valued at $385,000 after acquiring an additional 56 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in Power Integrations by 2.0% in the second quarter. Pinebridge Investments L.P. now owns 3,912 shares of the semiconductor company’s stock valued at $285,000 after acquiring an additional 75 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in Power Integrations by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the semiconductor company’s stock valued at $882,000 after acquiring an additional 100 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Power Integrations by 0.7% in the second quarter. Arizona State Retirement System now owns 15,474 shares of the semiconductor company’s stock valued at $1,128,000 after acquiring an additional 100 shares in the last quarter. 95.38% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on the stock. Deutsche Bank AG cut shares of Power Integrations from a “buy” rating to a “hold” rating and set a $75.00 price target on the stock. in a report on Tuesday, July 25th. BidaskClub raised shares of Power Integrations from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Drexel Hamilton set a $84.00 price target on shares of Power Integrations and gave the company a “buy” rating in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $82.00 price target (up from $75.00) on shares of Power Integrations in a report on Friday, June 30th. Finally, Zacks Investment Research raised shares of Power Integrations from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $81.33.
In other Power Integrations news, Director Nicholas Brathwaite sold 4,000 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $80.00, for a total value of $320,000.00. Following the sale, the director now directly owns 28,109 shares of the company’s stock, valued at $2,248,720. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David Mh Matthews sold 1,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $71.22, for a total transaction of $71,220.00. Following the completion of the sale, the vice president now directly owns 43,405 shares in the company, valued at $3,091,304.10. The disclosure for this sale can be found here. Insiders have sold 7,593 shares of company stock worth $570,457 over the last three months. Corporate insiders own 4.30% of the company’s stock.
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Power Integrations (NASDAQ:POWI) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $107.56 million for the quarter, compared to analyst estimates of $107.85 million. Power Integrations had a net margin of 13.37% and a return on equity of 12.08%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.61 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend was Tuesday, August 29th. Power Integrations’s dividend payout ratio (DPR) is presently 29.95%.
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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