Congress Asset Management Co. Buys 96,609 Shares of Power Integrations, Inc. (NASDAQ:POWI)

Congress Asset Management Co. raised its stake in Power Integrations, Inc. (NASDAQ:POWI) by 18.4% in the third quarter, Holdings Channel reports. The fund owned 621,875 shares of the semiconductor company’s stock after purchasing an additional 96,609 shares during the quarter. Congress Asset Management Co.’s holdings in Power Integrations were worth $39,875,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in POWI. State of Michigan Retirement System raised its holdings in Power Integrations by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 13,918 shares of the semiconductor company’s stock valued at $996,000 after buying an additional 300 shares during the last quarter. Norden Group LLC bought a new position in Power Integrations during the 1st quarter worth approximately $264,000. BNP Paribas Financial Markets raised its holdings in Power Integrations by 3.4% during the 1st quarter. BNP Paribas Financial Markets now owns 56,136 shares of the semiconductor company’s stock worth $4,017,000 after purchasing an additional 1,854 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Power Integrations by 29.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 4,039 shares of the semiconductor company’s stock worth $289,000 after purchasing an additional 914 shares during the last quarter. Finally, Capstone Investment Advisors LLC raised its holdings in Power Integrations by 32.4% during the 1st quarter. Capstone Investment Advisors LLC now owns 6,731 shares of the semiconductor company’s stock worth $482,000 after purchasing an additional 1,647 shares during the last quarter.

Analyst Ratings Changes

POWI has been the subject of several analyst reports. Susquehanna lowered their price target on shares of Power Integrations from $95.00 to $80.00 and set a “positive” rating for the company in a report on Thursday, August 8th. Benchmark restated a “buy” rating and set a $78.00 price target on shares of Power Integrations in a report on Wednesday, September 11th. Northland Securities upgraded shares of Power Integrations from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Monday, August 12th. StockNews.com raised shares of Power Integrations from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price objective (down previously from $100.00) on shares of Power Integrations in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.50.

Insiders Place Their Bets

In other Power Integrations news, VP Sunil Gupta sold 2,127 shares of Power Integrations stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $65.90, for a total transaction of $140,169.30. Following the transaction, the vice president now directly owns 51,899 shares of the company’s stock, valued at $3,420,144.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.70% of the company’s stock.

Power Integrations Trading Down 4.2 %

NASDAQ POWI opened at $60.43 on Friday. The company has a fifty day simple moving average of $62.54 and a 200 day simple moving average of $68.08. Power Integrations, Inc. has a 12-month low of $56.63 and a 12-month high of $89.68. The company has a market cap of $3.43 billion, a P/E ratio of 80.57, a PEG ratio of 5.07 and a beta of 1.10.

Power Integrations (NASDAQ:POWI) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. Power Integrations had a net margin of 10.38% and a return on equity of 4.86%. The business had revenue of $106.20 million during the quarter, compared to the consensus estimate of $105.02 million. During the same quarter last year, the firm posted $0.27 EPS. Power Integrations’s revenue was down 13.8% compared to the same quarter last year. Sell-side analysts predict that Power Integrations, Inc. will post 0.59 EPS for the current year.

Power Integrations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, August 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend was Friday, August 30th. Power Integrations’s dividend payout ratio is 106.67%.

Power Integrations Company Profile

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 provides a range of alternating current to direct current power conversion products that address power supply ranging from less than one 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 various other consumer and industrial applications, as well as power conversion in high-power applications comprising industrial motors, solar and wind-power systems, electric vehicles, and high-voltage DC transmission systems.