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Bank of America Corp DE Sells 713 Shares of Power Integrations, Inc. (NASDAQ:POWI)

Defense World · Sep 30, 2022 04:42

Bank of America Corp DE decreased its stake in Power Integrations, Inc. (NASDAQ:POWI – Get Rating) by 0.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 415,154 shares of the semiconductor company's stock after selling 713 shares during the period. Bank of America Corp DE owned about 0.71% of Power Integrations worth $38,475,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Power Integrations by 164.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 293 shares of the semiconductor company's stock worth $27,000 after buying an additional 182 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Power Integrations by 89.0% in the 1st quarter. Allworth Financial LP now owns 310 shares of the semiconductor company's stock worth $29,000 after buying an additional 146 shares during the last quarter. West Oak Capital LLC increased its holdings in shares of Power Integrations by 55.6% in the 1st quarter. West Oak Capital LLC now owns 350 shares of the semiconductor company's stock worth $32,000 after buying an additional 125 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Power Integrations by 46.1% in the 1st quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company's stock worth $47,000 after buying an additional 161 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in shares of Power Integrations in the 1st quarter worth $52,000. Institutional investors own 97.40% of the company's stock.

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Insider Buying and Selling at Power Integrations

In other news, Director Nicholas Brathwaite sold 9,845 shares of the firm's stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $80.55, for a total value of $793,014.75. Following the completion of the sale, the director now directly owns 45,045 shares of the company's stock, valued at approximately $3,628,374.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Nicholas Brathwaite sold 9,845 shares of the firm's stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $80.55, for a total value of $793,014.75. Following the completion of the sale, the director now directly owns 45,045 shares of the company's stock, valued at approximately $3,628,374.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sunil Gupta sold 2,117 shares of the firm's stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $77.91, for a total transaction of $164,935.47. Following the completion of the sale, the vice president now directly owns 35,888 shares of the company's stock, valued at $2,796,034.08. The disclosure for this sale can be found here. Insiders sold 33,185 shares of company stock valued at $2,761,905 in the last quarter. Company insiders own 1.60% of the company's stock.

Power Integrations Stock Down 1.1 %

Shares of POWI opened at $65.62 on Friday. The stock has a market capitalization of $3.83 billion, a P/E ratio of 21.31 and a beta of 1.10. The firm has a fifty day simple moving average of $74.98 and a two-hundred day simple moving average of $79.60. Power Integrations, Inc. has a twelve month low of $63.75 and a twelve month high of $110.43.

Power Integrations (NASDAQ:POWI – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The semiconductor company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.16. The business had revenue of $183.99 million during the quarter, compared to analysts' expectations of $190.15 million. Power Integrations had a net margin of 25.83% and a return on equity of 22.44%. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.71 EPS. Sell-side analysts expect that Power Integrations, Inc. will post 3.09 EPS for the current fiscal year.

Power Integrations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $0.72 annualized dividend and a yield of 1.10%. Power Integrations's payout ratio is currently 23.38%.

Analyst Upgrades and Downgrades

POWI has been the topic of a number of research analyst reports. Susquehanna Bancshares decreased their price target on shares of Power Integrations from $105.00 to $98.00 and set a "positive" rating on the stock in a report on Friday, August 5th. StockNews.com cut shares of Power Integrations from a "buy" rating to a "hold" rating in a research note on Tuesday, September 13th. Susquehanna cut their price objective on shares of Power Integrations from $105.00 to $98.00 and set a "positive" rating for the company in a research note on Friday, August 5th. Cowen cut their price objective on shares of Power Integrations to $90.00 in a research note on Tuesday, August 9th. Finally, Benchmark cut their price objective on shares of Power Integrations from $95.00 to $90.00 in a research note on Monday, September 12th.

Power Integrations Profile

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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.