Jupiter Topco LLC purchased a new stake in Powell Industries, Inc. (NASDAQ:POWL – Free Report) during the 2nd quarter, Holdings Channel reports. The fund purchased 327,667 shares of the industrial products company’s stock, valued at approximately $93,845,000.
A number of other hedge funds have also modified their holdings of POWL. BlackRock Inc. acquired a new position in shares of Powell Industries during the 2nd quarter worth approximately $1,033,376,000. Northwestern Mutual Wealth Management Co. grew its holdings in Powell Industries by 1,230,312.7% during 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 buying an additional 775,097 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Powell Industries during the second quarter worth $60,389,000. Tema ETFs LLC increased its position in Powell Industries by 217.3% during the second quarter. Tema ETFs LLC now owns 268,692 shares of the industrial products company’s stock worth $76,943,000 after buying an additional 184,010 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC acquired a new position in shares of Powell Industries in the third quarter worth $43,515,000. 89.77% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Powell Industries
In other Powell Industries news, EVP Michael William Metcalf sold 4,500 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the completion of the sale, the executive vice president directly owned 78,900 shares in the company, valued at $22,458,096. This represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Thomas W. Powell sold 33,958 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $294.49, for a total value of $10,000,291.42. Following the completion of the transaction, the insider owned 564,736 shares in the company, valued at approximately $166,309,104.64. This trade represents a 5.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 42,898 shares of company stock worth $12,353,653. 2.20% of the stock is owned by insiders.
Powell Industries Stock Performance
Powell Industries (NASDAQ:POWL – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The industrial products company reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.07). Powell Industries had a net margin of 16.49% and a return on equity of 27.51%. The company had revenue of $311.74 million during the quarter, compared to analyst estimates of $316.70 million. During the same quarter last year, the business earned $3.96 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities analysts forecast that Powell Industries, Inc. will post 5.36 EPS for the current fiscal year.
Powell Industries Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, August 19th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Powell Industries’s dividend payout ratio (DPR) is 6.91%.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Glj Research upgraded Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings lowered Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 19th. Zacks Research downgraded Powell Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Finally, Cantor Fitzgerald decreased their price target on Powell Industries from $320.00 to $235.00 and set a “neutral” rating on the stock in a research note on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $215.42.
Check Out Our Latest Report on Powell Industries
Powell Industries Company 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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