Magnetar Financial LLC Buys New Position in Power Integrations, Inc. $POWI

Key Points

• Magnetar Financial LLC has acquired a new stake in Power Integrations, purchasing 5,815 shares valued at approximately $294,000 in the first quarter of the year.
• Power Integrations reported earnings of $0.35 per share for the last quarter, exceeding analysts' expectations, along with a quarterly revenue of $115.85 million.
• The company announced a quarterly dividend of $0.21 per share, which will be paid on September 30th, reflecting an annualized yield of 1.9%.

Magnetar Financial LLC acquired a new position in Power Integrations, Inc. (NASDAQ:POWI - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 5,815 shares of the semiconductor company's stock, valued at approximately $294,000.

Several other hedge funds have also modified their holdings of the stock. Invesco Ltd. raised its holdings in shares of Power Integrations by 1,345.8% during the 1st quarter. Invesco Ltd. now owns 1,314,208 shares of the semiconductor company's stock valued at $66,367,000 after buying an additional 1,223,310 shares during the period. Northern Trust Corp increased its holdings in Power Integrations by 7.9% during the 1st quarter. Northern Trust Corp now owns 1,075,076 shares of the semiconductor company's stock worth $54,291,000 after purchasing an additional 79,036 shares during the last quarter. Stephens Investment Management Group LLC grew its position in shares of Power Integrations by 30.5% in the 1st quarter. Stephens Investment Management Group LLC now owns 738,976 shares of the semiconductor company's stock worth $37,318,000 after acquiring an additional 172,530 shares in the last quarter. Congress Asset Management Co. grew its position in shares of Power Integrations by 16.8% in the 1st quarter. Congress Asset Management Co. now owns 737,134 shares of the semiconductor company's stock worth $37,225,000 after acquiring an additional 105,995 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Power Integrations in the 1st quarter worth approximately $36,919,000.

Power Integrations Stock Up 0.4%

POWI stock traded up $0.18 during trading on Friday, reaching $44.91. 423,426 shares of the company's stock were exchanged, compared to its average volume of 572,691. Power Integrations, Inc. has a 1-year low of $39.53 and a 1-year high of $69.53. The company's fifty day moving average price is $50.36 and its 200-day moving average price is $52.22. The firm has a market cap of $2.52 billion, a PE ratio of 77.43, a P/E/G ratio of 2.94 and a beta of 1.38.

Power Integrations (NASDAQ:POWI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The company had revenue of $115.85 million for the quarter, compared to analyst estimates of $115.02 million. Power Integrations had a return on equity of 5.86% and a net margin of 7.59%.Power Integrations's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 earnings per share. As a group, sell-side analysts expect that Power Integrations, Inc. will post 0.93 earnings per share for the current fiscal year.

Power Integrations Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, August 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.9%. Power Integrations's payout ratio is currently 144.83%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Susquehanna decreased their target price on Power Integrations from $70.00 to $55.00 and set a "positive" rating for the company in a research report on Thursday, August 7th. Benchmark decreased their target price on Power Integrations from $70.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Stifel Nicolaus lifted their target price on Power Integrations from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen lowered Power Integrations from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $61.67.

Insiders Place Their Bets

In other news, VP Gagan Jain sold 2,036 shares of Power Integrations stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $46.05, for a total transaction of $93,757.80. Following the transaction, the vice president owned 18,812 shares in the company, valued at approximately $866,292.60. The trade was a 9.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Doug Bailey sold 16,989 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $46.41, for a total value of $788,459.49. Following the completion of the transaction, the vice president owned 50,798 shares in the company, valued at $2,357,535.18. This trade represents a 25.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,014 shares of company stock worth $1,678,322 in the last quarter. 1.40% of the stock is currently owned by corporate insiders.

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.