Pier Capital LLC cut its position in shares of Power Integrations Inc (NASDAQ:POWI) by 2.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,151 shares of the semiconductor company’s stock after selling 2,070 shares during the quarter. Pier Capital LLC owned 0.26% of Power Integrations worth $5,674,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Jane Street Group LLC bought a new position in Power Integrations during the third quarter worth $205,000. Dynamic Technology Lab Private Ltd bought a new position in Power Integrations during the third quarter worth $288,000. Stone Ridge Asset Management LLC bought a new position in Power Integrations during the fourth quarter worth $307,000. Koch Industries Inc. bought a new position in Power Integrations during the fourth quarter worth $310,000. Finally, Stephens Inc. AR lifted its stake in Power Integrations by 23.7% during the third quarter. Stephens Inc. AR now owns 5,346 shares of the semiconductor company’s stock worth $391,000 after purchasing an additional 1,023 shares during the last quarter. Hedge funds and other institutional investors own 96.27% of the company’s stock.
In other Power Integrations news, VP Ben Sutherland sold 1,460 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $77.15, for a total value of $112,639.00. Following the sale, the vice president now directly owns 40,156 shares of the company’s stock, valued at $3,098,035.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sandeep Nayyar sold 2,022 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $77.50, for a total value of $156,705.00. Following the completion of the sale, the chief financial officer now directly owns 58,522 shares in the company, valued at $4,535,455. The disclosure for this sale can be found here. Insiders sold 62,235 shares of company stock worth $4,234,629 over the last ninety days. 4.30% of the stock is owned by corporate insiders.
Power Integrations (NASDAQ:POWI) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.02. Power Integrations had a return on equity of 12.70% and a net margin of 6.39%. The firm had revenue of $108.20 million for the quarter, compared to analyst estimates of $110.50 million. During the same period last year, the company earned $0.67 earnings per share. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. research analysts predict that Power Integrations Inc will post 2 EPS for the current fiscal year.
Power Integrations announced that its Board of Directors has authorized a stock buyback program on Thursday, February 1st that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Wednesday, February 28th will be given a $0.16 dividend. The ex-dividend date is Tuesday, February 27th. This is a positive change from Power Integrations’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 0.90%. Power Integrations’s dividend payout ratio (DPR) is currently 71.11%.
Several equities analysts recently issued reports on POWI shares. BidaskClub cut Power Integrations from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Sidoti cut Power Integrations from a “buy” rating to a “neutral” rating in a research note on Friday, February 2nd. Zacks Investment Research cut Power Integrations from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 8th. Finally, Susquehanna Bancshares started coverage on Power Integrations in a research note on Wednesday, December 13th. They set a “neutral” rating and a $80.00 price objective on the stock. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Power Integrations presently has an average rating of “Hold” and a consensus price target 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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