Acadian Asset Management LLC increased its stake in shares of Power Integrations, Inc. (NASDAQ:POWI) by 30.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,173 shares of the semiconductor company’s stock after buying an additional 19,474 shares during the period. Acadian Asset Management LLC owned 0.14% of Power Integrations worth $4,663,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its position in Power Integrations by 100.5% during the 3rd quarter. BlackRock Inc. now owns 9,287,073 shares of the semiconductor company’s stock worth $514,506,000 after buying an additional 4,656,180 shares in the last quarter. Robecosam AG raised its holdings in Power Integrations by 80.9% during the 3rd quarter. Robecosam AG now owns 1,192,000 shares of the semiconductor company’s stock worth $66,037,000 after purchasing an additional 533,000 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Power Integrations by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 962,680 shares of the semiconductor company’s stock valued at $113,721,000 after acquiring an additional 58,070 shares during the last quarter. Riverbridge Partners LLC increased its stake in shares of Power Integrations by 92.9% in the 3rd quarter. Riverbridge Partners LLC now owns 605,644 shares of the semiconductor company’s stock valued at $33,553,000 after acquiring an additional 291,718 shares during the last quarter. Finally, Copeland Capital Management LLC increased its stake in Power Integrations by 96.9% during the 3rd quarter. Copeland Capital Management LLC now owns 574,009 shares of the semiconductor company’s stock worth $31,800,000 after purchasing an additional 282,545 shares in the last quarter. Institutional investors and hedge funds own 49.03% of the company’s stock.
POWI has been the subject of a number of recent research reports. Cowen initiated coverage on Power Integrations in a research report on Monday, October 12th. They set an “outperform” rating and a $72.00 price target for the company. Deutsche Bank Aktiengesellschaft upped their price target on Power Integrations from $93.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. Zacks Investment Research raised Power Integrations from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Tuesday, October 20th. BidaskClub raised Power Integrations from a “hold” rating to a “buy” rating in a report on Tuesday, November 10th. Finally, Northland Securities raised Power Integrations from an “under perform” rating to a “market perform” rating and set a $65.00 price objective for the company in a report on Thursday, August 20th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $83.50.
Power Integrations (NASDAQ:POWI) last posted its quarterly earnings data on Thursday, October 29th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. The firm had revenue of $121.13 million for the quarter, compared to analysts’ expectations of $115.18 million. Power Integrations had a return on equity of 9.38% and a net margin of 45.94%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 EPS. Analysts predict that Power Integrations, Inc. will post 1.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Monday, November 30th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Friday, November 27th. Power Integrations’s payout ratio is 49.44%.
In related news, VP David Mh Matthews sold 3,764 shares of the firm’s stock in a transaction on Thursday, November 19th. The stock was sold at an average price of $68.51, for a total value of $257,871.64. Following the transaction, the vice president now owns 105,322 shares in the company, valued at $7,215,610.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Balu Balakrishnan sold 50,000 shares of the firm’s stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $65.26, for a total value of $3,263,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 63,590 shares of company stock worth $4,118,401 in the last quarter. Company insiders own 2.10% of the company’s stock.
About Power Integrations
Power Integrations, Inc designs, develops, manufactures, 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 (AC) 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, LED lighting, and other consumer and industrial applications, as well as LED lighting.
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