ValuEngine Lowers Power Integrations (NASDAQ:POWI) to Hold

ValuEngine downgraded shares of Power Integrations (NASDAQ:POWI) from a buy rating to a hold rating in a research note released on Wednesday morning, ValuEngine reports.

Other analysts have also recently issued research reports about the company. Northland Securities reaffirmed an underperform rating and issued a $70.00 price target on shares of Power Integrations in a report on Monday, July 29th. BidaskClub raised Power Integrations from a buy rating to a strong-buy rating in a report on Saturday, July 27th. Deutsche Bank set a $80.00 price objective on Power Integrations and gave the company a hold rating in a report on Friday, July 26th. Zacks Investment Research cut Power Integrations from a buy rating to a hold rating in a report on Tuesday, September 17th. Finally, Stifel Nicolaus set a $97.00 price objective on Power Integrations and gave the company a buy rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $85.60.

Shares of NASDAQ:POWI traded up $0.81 on Wednesday, hitting $89.81. The company’s stock had a trading volume of 117,013 shares, compared to its average volume of 158,416. The company has a 50-day simple moving average of $89.07 and a 200 day simple moving average of $79.42. Power Integrations has a 1 year low of $47.35 and a 1 year high of $102.38. The company has a market capitalization of $2.61 billion, a PE ratio of 41.97 and a beta of 1.23.

Power Integrations (NASDAQ:POWI) last released its quarterly earnings results on Thursday, July 25th. The semiconductor company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.03. Power Integrations had a return on equity of 9.87% and a net margin of 14.79%. The firm had revenue of $102.87 million for the quarter, compared to analysts’ expectations of $100.04 million. During the same quarter last year, the firm posted $0.74 EPS. The company’s revenue was down 6.0% compared to the same quarter last year. Sell-side analysts anticipate that Power Integrations will post 1.78 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, August 30th were issued a dividend of $0.17 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.76%. Power Integrations’s dividend payout ratio is 31.78%.

In related news, CEO Balu Balakrishnan sold 9,367 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $93.15, for a total transaction of $872,536.05. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sandeep Nayyar sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $90.50, for a total value of $1,810,000.00. Following the transaction, the chief financial officer now directly owns 57,518 shares in the company, valued at $5,205,379. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,970 shares of company stock worth $8,269,599. 4.10% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank grew its position in Power Integrations by 19.9% during the 2nd quarter. Huntington National Bank now owns 1,042 shares of the semiconductor company’s stock worth $84,000 after acquiring an additional 173 shares during the last quarter. ETF Managers Group LLC grew its position in Power Integrations by 23.8% during the 2nd quarter. ETF Managers Group LLC now owns 2,604 shares of the semiconductor company’s stock worth $201,000 after acquiring an additional 501 shares during the last quarter. Magnus Financial Group LLC bought a new position in Power Integrations during the 2nd quarter worth approximately $220,000. CAPROCK Group Inc. bought a new position in Power Integrations during the 2nd quarter worth approximately $224,000. Finally, Cresset Asset Management LLC grew its position in Power Integrations by 146.6% during the 2nd quarter. Cresset Asset Management LLC now owns 3,958 shares of the semiconductor company’s stock worth $317,000 after acquiring an additional 2,353 shares during the last quarter. 97.01% of the stock is currently owned by institutional investors.

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 worldwide. 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, LCD monitors, main and standby power supplies for desktop computers and TVs, and other consumer and industrial applications, as well as light-emitting diode lighting.

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