Millennium Management LLC Sells 166,298 Shares of Power Integrations, Inc. (NASDAQ:POWI)

Millennium Management LLC lowered its position in shares of Power Integrations, Inc. (NASDAQ:POWI - Free Report) by 42.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 229,763 shares of the semiconductor company's stock after selling 166,298 shares during the quarter. Millennium Management LLC owned about 0.40% of Power Integrations worth $14,176,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Power Integrations by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,219 shares of the semiconductor company's stock worth $1,988,000 after buying an additional 1,215 shares in the last quarter. Brevan Howard Capital Management LP bought a new position in shares of Power Integrations in the fourth quarter worth $642,000. Captrust Financial Advisors increased its position in shares of Power Integrations by 21.5% in the fourth quarter. Captrust Financial Advisors now owns 26,134 shares of the semiconductor company's stock worth $1,612,000 after purchasing an additional 4,621 shares during the period. Baird Financial Group Inc. lifted its position in Power Integrations by 18.4% during the fourth quarter. Baird Financial Group Inc. now owns 4,792 shares of the semiconductor company's stock worth $296,000 after purchasing an additional 743 shares during the period. Finally, Bank of America Corp DE lifted its position in Power Integrations by 18.5% during the fourth quarter. Bank of America Corp DE now owns 401,125 shares of the semiconductor company's stock worth $24,749,000 after purchasing an additional 62,750 shares during the period.

Insider Activity at Power Integrations

In related news, CFO Sandeep Nayyar sold 1,929 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $50.89, for a total value of $98,166.81. Following the sale, the chief financial officer now directly owns 107,357 shares in the company, valued at approximately $5,463,397.73. The trade was a 1.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Balu Balakrishnan sold 9,544 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $51.19, for a total value of $488,557.36. Following the completion of the sale, the chief executive officer now owns 590,580 shares in the company, valued at $30,231,790.20. This represents a 1.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,561 shares of company stock valued at $642,092. 1.40% of the stock is owned by insiders.

Power Integrations Trading Down 1.4%

POWI stock traded down $0.71 during trading on Wednesday, hitting $50.47. The company had a trading volume of 55,698 shares, compared to its average volume of 463,176. The business has a 50-day moving average of $49.86 and a 200-day moving average of $57.68. Power Integrations, Inc. has a one year low of $40.78 and a one year high of $79.13. The stock has a market cap of $2.84 billion, a PE ratio of 88.99, a PEG ratio of 4.08 and a beta of 1.31.

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

Power Integrations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, May 30th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, May 30th. Power Integrations's payout ratio is currently 129.23%.

Analysts Set New Price Targets

Several research firms recently weighed in on POWI. Benchmark reaffirmed a "buy" rating and set a $78.00 price objective on shares of Power Integrations in a research report on Friday, February 7th. Stifel Nicolaus lifted their target price on Power Integrations from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen upgraded Power Integrations from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.