Principal Financial Group Inc. boosted its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL – Free Report) by 44.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 65,051 shares of the industrial products company’s stock after buying an additional 20,025 shares during the quarter. Principal Financial Group Inc.’s holdings in Powell Industries were worth $35,198,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Powell Industries by 1,230,312.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 775,160 shares of the industrial products company’s stock valued at $247,106,000 after purchasing an additional 775,097 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Powell Industries by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 706,642 shares of the industrial products company’s stock worth $225,263,000 after purchasing an additional 6,419 shares during the last quarter. State Street Corp raised its holdings in Powell Industries by 0.9% in the 2nd quarter. State Street Corp now owns 352,103 shares of the industrial products company’s stock valued at $74,100,000 after buying an additional 3,159 shares during the period. Voss Capital LP raised its holdings in Powell Industries by 18.6% in the 4th quarter. Voss Capital LP now owns 350,000 shares of the industrial products company’s stock valued at $111,573,000 after buying an additional 55,000 shares during the period. Finally, Invesco Ltd. lifted its position in Powell Industries by 2.4% in the third quarter. Invesco Ltd. now owns 348,091 shares of the industrial products company’s stock valued at $106,102,000 after buying an additional 8,083 shares during the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the stock. Texas Capital raised shares of Powell Industries to a “strong-buy” rating in a research note on Friday, March 27th. Cantor Fitzgerald boosted their price target on shares of Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on shares of Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Zacks Research cut shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Finally, Weiss Ratings downgraded shares of Powell Industries from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $236.67.
Insider Transactions at Powell Industries
In other news, CEO Brett Alan Cope sold 4,440 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $241.55, for a total transaction of $1,072,482.00. Following the completion of the transaction, the chief executive officer directly owned 517,233 shares of the company’s stock, valued at approximately $124,937,631.15. The trade was a 0.85% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard E. Williams sold 5,250 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $299.19, for a total transaction of $1,570,747.50. Following the transaction, the director owned 39,630 shares of the company’s stock, valued at $11,856,899.70. This trade represents a 11.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 55,088 shares of company stock valued at $16,070,066. 2.20% of the stock is owned by corporate insiders.
Powell Industries Trading Down 1.3%
POWL opened at $232.79 on Friday. The stock’s 50-day moving average price is $277.14 and its 200 day moving average price is $216.00. Powell Industries, Inc. has a 12-month low of $69.00 and a 12-month high of $328.00. The firm has a market cap of $8.48 billion, a price-to-earnings ratio of 45.56, a PEG ratio of 3.04 and a beta of 1.13.
Powell Industries (NASDAQ:POWL – Get Free Report) last released its earnings results on Monday, May 4th. The industrial products company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.09). The firm had revenue of $296.62 million during the quarter, compared to analyst estimates of $298.12 million. Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.81 earnings per share. On average, research analysts forecast that Powell Industries, Inc. will post 5.47 earnings per share for the current year.
Powell Industries Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th were paid a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.36 annualized dividend and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio (DPR) is presently 7.05%.
Powell Industries Profile
Powell Industries, Inc is an industrial electrical engineering company specializing in the design, manufacture and integration of customized power control and distribution solutions. The firm’s offerings range from medium‐voltage switchgear and power control centers to bus duct, motor control centers and specialty transformers. Powell also provides automation systems, protective relaying, metering, supervisory control and data acquisition (SCADA) platforms, and turnkey engineering services to help clients manage critical power infrastructure.
Serving the oil and gas, petrochemical, refining, utility, mining and industrial sectors, Powell’s products are engineered to meet demanding performance, safety and reliability requirements.
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