4,419 Shares in Powell Industries, Inc. $POWL Purchased by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners opened a new position in Powell Industries, buying 4,419 shares worth about $1.41 million in the fourth quarter.
• Institutional ownership remains high, with 89.77% of Powell Industries stock held by institutions. Several other funds also increased or initiated positions during the period.
• Powell reported Q4 earnings of $1.25 per share, missing expectations, while revenue came in slightly below estimates at $296.62 million. The stock also saw insider selling and recently cut its quarterly dividend to $0.09 per share.

Convergence Investment Partners LLC purchased a new position in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,419 shares of the industrial products company's stock, valued at approximately $1,409,000.

A number of other hedge funds have also bought and sold shares of the business. Littlejohn Financial Services Inc. increased its position in Powell Industries by 14.9% during the fourth quarter. Littlejohn Financial Services Inc. now owns 4,062 shares of the industrial products company's stock worth $1,295,000 after acquiring an additional 526 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Powell Industries by 1,230,312.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 775,160 shares of the industrial products company's stock worth $247,106,000 after acquiring an additional 775,097 shares during the period. SkyOak Wealth LLC bought a new position in Powell Industries during the fourth quarter worth about $277,000. Independent Advisor Alliance increased its position in Powell Industries by 12.1% during the fourth quarter. Independent Advisor Alliance now owns 1,673 shares of the industrial products company's stock worth $533,000 after acquiring an additional 181 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in Powell Industries by 42.9% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 3,000 shares of the industrial products company's stock worth $956,000 after acquiring an additional 900 shares during the period. 89.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

POWL has been the topic of a number of recent research reports. Glj Research initiated coverage on shares of Powell Industries in a research report on Thursday, March 5th. They set a "hold" rating and a $150.00 price target on the stock. Weiss Ratings upgraded shares of Powell Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 8th. JPMorgan Chase & Co. increased their price objective on shares of Powell Industries from $310.00 to $360.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Cantor Fitzgerald increased their price objective on shares of Powell Industries from $160.00 to $320.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded shares of Powell Industries from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $236.67.

Powell Industries Stock Down 1.5%

NASDAQ:POWL opened at $292.65 on Friday. The company has a fifty day moving average of $222.53 and a 200-day moving average of $165.60. The firm has a market capitalization of $10.66 billion, a P/E ratio of 57.27, a P/E/G ratio of 3.82 and a beta of 1.14. Powell Industries, Inc. has a twelve month low of $54.75 and a twelve month high of $328.00.

Powell Industries (NASDAQ:POWL - Get Free Report) last released its quarterly earnings data 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 company had revenue of $296.62 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $3.81 EPS. On average, analysts anticipate that Powell Industries, Inc. will post 5.47 EPS for the current fiscal year.

Powell Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th will be paid a $0.09 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $0.36 annualized dividend and a dividend yield of 0.1%. Powell Industries's payout ratio is currently 7.05%.

Insider Buying and Selling

In other news, VP William Marshall Mauney, Jr. sold 2,500 shares of Powell Industries stock in a transaction on Monday, May 11th. The shares were sold at an average price of $323.69, for a total value of $809,225.00. Following the completion of the sale, the vice president owned 10,853 shares in the company, valued at $3,513,007.57. The trade was a 18.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brett Alan Cope sold 4,440 shares of Powell Industries stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $301.00, for a total transaction of $1,336,440.00. Following the completion of the sale, the chief executive officer owned 490,113 shares of the company's stock, valued at $147,524,013. This represents a 0.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 183,835 shares of company stock worth $32,915,210 over the last ninety days. 2.20% of the stock is owned by company insiders.

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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