Bessemer Group Inc. Decreases Position in Power Integrations, Inc. (POWI)
Bessemer Group Inc. decreased its stake in shares of Power Integrations, Inc. (NASDAQ:POWI) by 60.6% during the second quarter, Holdings Channel reports. The fund owned 12,700 shares of the semiconductor company’s stock after selling 19,500 shares during the period. Bessemer Group Inc.’s holdings in Power Integrations were worth $926,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Huntington National Bank boosted its stake in shares of Power Integrations by 22.8% in the second quarter. Huntington National Bank now owns 1,504 shares of the semiconductor company’s stock valued at $110,000 after buying an additional 279 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Power Integrations by 22.7% in the first quarter. Victory Capital Management Inc. now owns 2,210 shares of the semiconductor company’s stock valued at $145,000 after buying an additional 409 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Power Integrations during the first quarter valued at approximately $156,000. PEAK6 Investments L.P. acquired a new stake in shares of Power Integrations during the first quarter valued at approximately $212,000. Finally, State of Alaska Department of Revenue boosted its stake in shares of Power Integrations by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 3,250 shares of the semiconductor company’s stock valued at $213,000 after buying an additional 90 shares during the last quarter. Institutional investors and hedge funds own 95.41% of the company’s stock.
Shares of Power Integrations, Inc. (NASDAQ POWI) opened at 70.80 on Wednesday. Power Integrations, Inc. has a 52 week low of $56.03 and a 52 week high of $82.80. The firm’s 50-day moving average is $74.29 and its 200 day moving average is $67.83. The firm has a market capitalization of $2.11 billion, a PE ratio of 39.36 and a beta of 1.23.
Power Integrations (NASDAQ:POWI) last announced its earnings results on Thursday, July 27th. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The business 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 company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $0.61 earnings per share. On average, equities analysts forecast that Power Integrations, Inc. will post $2.77 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.14 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.79%. Power Integrations’s dividend payout ratio (DPR) is presently 29.95%.
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Several analysts have commented on the stock. BidaskClub cut shares of Power Integrations from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Stifel Nicolaus restated a “buy” rating and set a $82.00 price objective (up from $75.00) on shares of Power Integrations in a research note on Friday, June 30th. Zacks Investment Research upgraded shares of Power Integrations from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Saturday, June 24th. Drexel Hamilton set a $84.00 price objective on shares of Power Integrations and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, Sidoti upgraded shares of Power Integrations from a “neutral” rating to a “buy” rating in a research note on Monday, May 15th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $78.50.
In other news, VP David Mh Matthews sold 776 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $67.04, for a total transaction of $52,023.04. Following the transaction, the vice president now directly owns 44,405 shares in the company, valued at $2,976,911.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Nicholas Brathwaite sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $73.00, for a total transaction of $146,000.00. Following the transaction, the director now owns 24,710 shares in the company, valued at $1,803,830. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 131,981 shares of company stock worth $10,093,383. Insiders own 4.30% of the company’s stock.
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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