Congress Asset Management Co. Buys 105,995 Shares of Power Integrations, Inc. (NASDAQ:POWI)

Congress Asset Management Co. increased its stake in Power Integrations, Inc. (NASDAQ:POWI) by 16.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 737,134 shares of the semiconductor company’s stock after buying an additional 105,995 shares during the period. Congress Asset Management Co. owned 1.30% of Power Integrations worth $37,225,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of POWI. Smartleaf Asset Management LLC raised its stake in Power Integrations by 110.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 537 shares of the semiconductor company’s stock worth $33,000 after buying an additional 282 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Power Integrations by 133.2% during the fourth quarter. Quadrant Capital Group LLC now owns 674 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 385 shares in the last quarter. Johnson Financial Group Inc. bought a new position in shares of Power Integrations during the fourth quarter valued at approximately $51,000. Covestor Ltd increased its stake in shares of Power Integrations by 16.9% during the fourth quarter. Covestor Ltd now owns 1,619 shares of the semiconductor company’s stock valued at $100,000 after purchasing an additional 234 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd increased its stake in shares of Power Integrations by 1,259.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,222 shares of the semiconductor company’s stock valued at $199,000 after purchasing an additional 2,985 shares in the last quarter.

Insider Activity

In related news, CEO Balu Balakrishnan sold 9,544 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $51.19, for a total value of $488,557.36. Following the sale, the chief executive officer now owns 590,580 shares in the company, valued at approximately $30,231,790.20. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sandeep Nayyar sold 1,929 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $50.89, for a total transaction of $98,166.81. Following the completion of the sale, the chief financial officer now owns 107,357 shares in the company, valued at $5,463,397.73. This represents a 1.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,561 shares of company stock worth $642,092 over the last 90 days. 1.40% of the stock is currently owned by insiders.

Power Integrations Stock Up 1.8%

NASDAQ:POWI opened at $54.74 on Friday. The company’s 50 day moving average price is $49.55 and its 200-day moving average price is $57.11. Power Integrations, Inc. has a 52 week low of $40.78 and a 52 week high of $79.13. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 96.04, a PEG ratio of 4.08 and a beta of 1.31.

Power Integrations (NASDAQ:POWI) last posted its quarterly earnings results on Monday, May 12th. The semiconductor company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. Power Integrations had a net margin of 7.69% and a return on equity of 4.48%. The firm had revenue of $105.53 million for the quarter, compared to analysts’ expectations of $105.44 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Power Integrations, Inc. will post 0.93 earnings per share for the current year.

Power Integrations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, May 30th. Power Integrations’s payout ratio is 129.23%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Power Integrations from a “buy” rating to a “hold” rating in a research note on Saturday, May 31st. Stifel Nicolaus raised their target price on shares of Power Integrations from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.67.

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 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.