Zacks Investment Research Upgrades Power Integrations (POWI) to Buy

Zacks Investment Research upgraded shares of Power Integrations (NASDAQ:POWI) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. They currently have $88.00 target price on the semiconductor company’s stock.

According to Zacks, “Power Integrations, Inc. is a supplier of high-performance electronic components used in high-voltage power-conversion systems. Their integrated circuits and diodes enable compact, energy-efficient AC-DC power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights. Their SCALE™ IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives, solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction, Power Integrations’ EcoSmart® energy-efficiency technology has prevented billions of dollars’ worth of energy waste and millions of tons of carbon emissions. Reflecting the environmental benefits of their products, Power Integrations’ stock is a member of clean-technology stock indices sponsored by Cleantech Group LLC and Clean Edge. “

Several other analysts also recently weighed in on POWI. ValuEngine downgraded shares of Power Integrations from a buy rating to a hold rating in a research note on Friday, January 4th. Northland Securities downgraded shares of Power Integrations from an outperform rating to a market perform rating in a research note on Monday, January 7th. BidaskClub raised shares of Power Integrations from a buy rating to a strong-buy rating in a research note on Thursday, February 14th. Finally, Loop Capital lifted their price target on shares of Power Integrations to $78.00 and gave the company an in-line rating in a research note on Friday, April 26th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Power Integrations has a consensus rating of Buy and an average target price of $73.25.

Shares of Power Integrations stock traded up $0.38 on Friday, hitting $79.94. 158,881 shares of the company traded hands, compared to its average volume of 151,943. Power Integrations has a 52 week low of $47.35 and a 52 week high of $81.37. The company has a market capitalization of $2.34 billion, a PE ratio of 37.36 and a beta of 1.08.

Power Integrations (NASDAQ:POWI) last posted its quarterly earnings results on Thursday, April 25th. The semiconductor company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.19. Power Integrations had a net margin of 15.67% and a return on equity of 10.86%. The firm had revenue of $89.19 million during the quarter, compared to the consensus estimate of $90.10 million. During the same quarter in the previous year, the firm posted $0.67 earnings per share. The company’s revenue was down 13.5% on a year-over-year basis. As a group, research analysts expect that Power Integrations will post 1.52 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.85%. The ex-dividend date is Thursday, May 30th. Power Integrations’s payout ratio is 31.78%.

In related news, CFO Sandeep Nayyar sold 917 shares of Power Integrations stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $66.04, for a total transaction of $60,558.68. Following the transaction, the chief financial officer now directly owns 68,249 shares of the company’s stock, valued at $4,507,163.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Balu Balakrishnan sold 5,984 shares of Power Integrations stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $66.36, for a total transaction of $397,098.24. Following the transaction, the insider now directly owns 276,383 shares in the company, valued at $18,340,775.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,429 shares of company stock worth $5,825,075. 4.10% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of POWI. Quadrant Capital Group LLC increased its holdings in Power Integrations by 1,426.5% during the first quarter. Quadrant Capital Group LLC now owns 748 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 699 shares during the period. Meeder Asset Management Inc. purchased a new position in Power Integrations in the fourth quarter worth $54,000. Ellis Investment Partners LLC purchased a new position in Power Integrations in the first quarter worth $77,000. We Are One Seven LLC purchased a new position in Power Integrations in the fourth quarter worth $87,000. Finally, ETF Managers Group LLC grew its holdings in Power Integrations by 15.7% in the fourth quarter. ETF Managers Group LLC now owns 1,904 shares of the semiconductor company’s stock worth $116,000 after purchasing an additional 258 shares during the last quarter. 99.37% of the stock is currently owned by institutional investors.

Power Integrations Company Profile

Power Integrations, Inc designs, develops, and markets analog and mixed-signal integrated circuits (ICs), and other electronic components and circuitry used in high-voltage power conversion worldwide. The company offers a range of alternating current to direct current (DC) power conversion products that address power supply ranging from less than 1 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, and other consumer and industrial applications, as well as light-emitting diode lighting.

Read More: What is included in the gross domestic product?

Get a free copy of the Zacks research report on Power Integrations (POWI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Power Integrations Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Power Integrations and related companies with MarketBeat.com's FREE daily email newsletter.