Power Integrations Inc. (NASDAQ:POWI) issued its quarterly earnings results on Thursday. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.10. The company earned $97.20 million during the quarter, compared to the consensus estimate of $91.22 million. The company’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share.
In other news, VP Ben Sutherland sold 647 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $47.09, for a total transaction of $30,467.23. Following the completion of the sale, the vice president now owns 26,284 shares in the company, valued at approximately $1,237,713.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Balu Balakrishnan sold 1,830 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $47.65, for a total transaction of $87,199.50. Following the sale, the chief executive officer now owns 208,083 shares of the company’s stock, valued at approximately $9,915,154.95. The disclosure for this sale can be found here.
Several equities research analysts recently issued reports on POWI shares. Zacks Investment Research upgraded Power Integrations from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Wednesday, July 20th. Sidoti cut Power Integrations from a “buy” rating to a “neutral” rating in a research note on Thursday, June 23rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $56.60.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.91%.
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. The Company’s products are used in power converters that convert electricity from a high-voltage source to the type of power required for downstream use.
