Eagle Asset Management Inc. Sells 30,574 Shares of Power Integrations Inc (NASDAQ:POWI)
Eagle Asset Management Inc. cut its stake in shares of Power Integrations Inc (NASDAQ:POWI) by 11.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 232,526 shares of the semiconductor company’s stock after selling 30,574 shares during the quarter. Eagle Asset Management Inc. owned 0.78% of Power Integrations worth $16,971,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its stake in shares of Power Integrations by 14.5% during the 2nd quarter. Advisor Group Inc. now owns 1,827 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 231 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Power Integrations by 6.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,519 shares of the semiconductor company’s stock worth $184,000 after acquiring an additional 150 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Power Integrations during the 3rd quarter worth $205,000. GSA Capital Partners LLP bought a new stake in shares of Power Integrations during the 2nd quarter worth $208,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Power Integrations during the 3rd quarter worth $288,000. 96.28% of the stock is owned by institutional investors and hedge funds.
Shares of Power Integrations Inc (POWI) opened at $71.95 on Thursday. The stock has a market capitalization of $2,150.00, a price-to-earnings ratio of 33.47 and a beta of 1.23. Power Integrations Inc has a 1-year low of $60.55 and a 1-year high of $86.60.
Power Integrations announced that its Board of Directors has initiated a stock buyback program on Thursday, February 1st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Wednesday, February 28th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.89%. This is a positive change from Power Integrations’s previous quarterly dividend of $0.14. The ex-dividend date is Tuesday, February 27th. Power Integrations’s dividend payout ratio (DPR) is currently 29.77%.
In related news, VP Ben Sutherland sold 738 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $66.51, for a total transaction of $49,084.38. Following the completion of the sale, the vice president now directly owns 44,986 shares in the company, valued at $2,992,018.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Alan Bickell sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $65.00, for a total value of $325,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,235 shares of company stock valued at $4,234,629. 4.30% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on POWI. Zacks Investment Research lowered Power Integrations from a “buy” rating to a “hold” rating in a research note on Saturday, December 16th. Susquehanna Bancshares began coverage on Power Integrations in a report on Wednesday, December 13th. They issued a “neutral” rating and a $80.00 target price for the company. They noted that the move was a valuation call. BidaskClub lowered Power Integrations from a “sell” rating to a “strong sell” rating in a report on Wednesday, February 7th. Finally, Sidoti lowered Power Integrations from a “buy” rating to a “neutral” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Power Integrations currently has an average rating of “Hold” and an average price target of $81.40.
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Power Integrations Company Profile
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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