Bank of America Corp DE Acquires Shares of 381,535 Power Integrations, Inc. $POWI

Key Points

• Bank of America acquired 381,535 shares of Power Integrations in the second quarter, worth approximately $32.0 million and representing a 0.68% stake. Several other hedge funds also initiated positions.
• Analyst sentiment remains cautiously positive, with four Buy and four Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $72.67.
• Power Integrations beat quarterly earnings expectations, reporting $0.37 EPS versus $0.32 expected and revenue of $118.94 million, up 2.6% year over year.

Bank of America Corp DE bought a new position in Power Integrations, Inc. (NASDAQ:POWI - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 381,535 shares of the semiconductor company's stock, valued at approximately $31,957,000. Bank of America Corp DE owned 0.68% of Power Integrations as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Odyssean LLC bought a new stake in shares of Power Integrations during the second quarter valued at approximately $635,000. Man Group plc bought a new stake in shares of Power Integrations in the second quarter valued at about $3,426,000. Jupiter Topco LLC purchased a new stake in Power Integrations in the second quarter worth about $1,877,000. Hsbc Holdings PLC purchased a new stake in Power Integrations in the second quarter worth about $437,000. Finally, Palisade Capital Management LP bought a new position in Power Integrations during the 2nd quarter worth about $4,788,000.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on POWI. Williams Trading set a $80.00 price target on shares of Power Integrations in a research report on Thursday, August 6th. Weiss Ratings upgraded Power Integrations from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 19th. Zacks Research cut Power Integrations from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Wall Street Zen upgraded Power Integrations from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Stifel Nicolaus reduced their price objective on shares of Power Integrations from $95.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.67.

Power Integrations Stock Up 3.9%

Power Integrations stock opened at $51.46 on Wednesday. Power Integrations, Inc. has a 52 week low of $30.86 and a 52 week high of $91.18. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 114.36 and a beta of 1.54. The stock has a 50-day moving average price of $57.90 and a 200 day moving average price of $63.78.

Power Integrations (NASDAQ:POWI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.32 by $0.05. Power Integrations had a net margin of 5.58% and a return on equity of 5.50%. The business had revenue of $118.94 million for the quarter, compared to the consensus estimate of $117.44 million. During the same period in the prior year, the firm earned $0.35 EPS. The business's revenue for the quarter was up 2.6% on a year-over-year basis. Research analysts anticipate that Power Integrations, Inc. will post 0.77 EPS for the current fiscal year.

Power Integrations Company Profile

Power Integrations, Inc is a semiconductor company that designs and manufactures high-performance, energy-efficient power-conversion products. Its technologies are used to convert and control electrical power in devices such as consumer electronics, appliances, industrial equipment, communications systems, chargers, adapters and automotive applications.

The company's product portfolio includes integrated circuits for AC-to-DC and DC-to-DC power supplies, LED drivers, motor drivers, power-factor correction and high-voltage gate-driver applications.

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