Corebridge Financial Inc. Cuts Position in Power Integrations, Inc. (NASDAQ:POWI)

Corebridge Financial Inc. reduced its position in shares of Power Integrations, Inc. (NASDAQ:POWI) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,089 shares of the semiconductor company’s stock after selling 4,956 shares during the period. Corebridge Financial Inc.’s holdings in Power Integrations were worth $5,682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in Power Integrations by 110.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 537 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 282 shares during the period. Versant Capital Management Inc lifted its position in shares of Power Integrations by 1,618.2% during the fourth quarter. Versant Capital Management Inc now owns 567 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 534 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Power Integrations by 43.9% in the fourth quarter. UMB Bank n.a. now owns 629 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 192 shares during the period. KBC Group NV grew its holdings in shares of Power Integrations by 43.0% in the fourth quarter. KBC Group NV now owns 2,549 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 767 shares in the last quarter. Finally, Inspire Advisors LLC purchased a new stake in Power Integrations during the 4th quarter worth approximately $210,000.

Power Integrations Trading Down 6.5 %

Power Integrations stock opened at $50.98 on Friday. The company has a fifty day simple moving average of $59.70 and a 200-day simple moving average of $61.76. The stock has a market cap of $2.90 billion, a P/E ratio of 89.44, a price-to-earnings-growth ratio of 4.08 and a beta of 1.11. Power Integrations, Inc. has a 12-month low of $50.95 and a 12-month high of $79.13.

Power Integrations (NASDAQ:POWI) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.12). Power Integrations had a return on equity of 4.48% and a net margin of 7.69%. As a group, sell-side analysts forecast that Power Integrations, Inc. will post 0.93 earnings per share for the current fiscal year.

Power Integrations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, February 28th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, February 28th. Power Integrations’s dividend payout ratio (DPR) is 147.37%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Benchmark reissued a “buy” rating and issued a $78.00 price target on shares of Power Integrations in a research report on Friday, February 7th. StockNews.com raised Power Integrations from a “hold” rating to a “buy” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.00.

Insider Buying and Selling

In other news, CFO Sandeep Nayyar sold 1,877 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $58.01, for a total transaction of $108,884.77. Following the transaction, the chief financial officer now directly owns 112,653 shares in the company, valued at approximately $6,535,000.53. This trade represents a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Balu Balakrishnan sold 12,507 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $60.64, for a total transaction of $758,424.48. Following the completion of the sale, the chief executive officer now owns 600,002 shares of the company’s stock, valued at approximately $36,384,121.28. This trade represents a 2.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,544 shares of company stock worth $2,433,105 in the last ninety days. 1.70% of the stock is owned by corporate insiders.

Power Integrations 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.