Abacus FCF Advisors LLC Acquires New Holdings in Powell Industries, Inc. $POWL

Key Points

• Abacus FCF Advisors acquired 26,037 Powell Industries shares valued at approximately $7.46 million, giving it a 0.07% stake. Institutional investors collectively own 89.77% of the company.
• Powell Industries’ latest quarterly results missed estimates, with EPS of $1.42 versus $1.49 expected and revenue of $311.74 million versus $316.70 million forecast, despite 8.9% year-over-year revenue growth.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $215.42 consensus price target, while insiders sold 42,898 shares worth approximately $12.35 million over the past three months.

Abacus FCF Advisors LLC purchased a new stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 26,037 shares of the industrial products company's stock, valued at approximately $7,456,000. Abacus FCF Advisors LLC owned 0.07% of Powell Industries at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Capital World Investors purchased a new position in shares of Powell Industries in the 4th quarter worth about $20,704,000. Private Advisory Group LLC purchased a new stake in Powell Industries during the 2nd quarter valued at about $14,158,000. Voss Capital LP boosted its holdings in Powell Industries by 18.6% during the 4th quarter. Voss Capital LP now owns 350,000 shares of the industrial products company's stock valued at $111,573,000 after acquiring an additional 55,000 shares during the period. Rock Creek Group LP grew its position in Powell Industries by 1,900.0% during the 4th quarter. Rock Creek Group LP now owns 150,000 shares of the industrial products company's stock worth $47,817,000 after acquiring an additional 142,500 shares during the last quarter. Finally, GW&K Investment Management LLC grew its position in Powell Industries by 13.4% during the 4th quarter. GW&K Investment Management LLC now owns 254,520 shares of the industrial products company's stock worth $81,137,000 after acquiring an additional 30,013 shares during the last quarter. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Powell Industries

In other Powell Industries news, EVP Michael William Metcalf sold 4,500 shares of the business's stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total value of $1,280,880.00. Following the sale, the executive vice president directly owned 78,900 shares of the company's stock, valued at approximately $22,458,096. The trade was a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 on Thursday, June 25th. The shares were sold at an average price of $294.49, for a total value of $10,000,291.42. Following the transaction, the insider owned 564,736 shares of the company's stock, valued at $166,309,104.64. The trade was a 5.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 42,898 shares of company stock valued at $12,353,653 in the last three months. 2.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on POWL shares. Weiss Ratings lowered shares of Powell Industries from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. Zacks Research lowered shares of Powell Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Cantor Fitzgerald dropped their target price on shares of Powell Industries from $320.00 to $235.00 and set a "neutral" rating for the company in a report on Friday, August 14th. JPMorgan Chase & Co. raised their target price on Powell Industries from $310.00 to $360.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, Glj Research raised Powell Industries from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Powell Industries presently has an average rating of "Buy" and a consensus price target of $215.42.

Powell Industries Price Performance

Shares of POWL opened at $198.21 on Thursday. The company has a 50-day simple moving average of $243.36 and a two-hundred day simple moving average of $230.31. The firm has a market capitalization of $7.22 billion, a PE ratio of 38.04, a price-to-earnings-growth ratio of 2.71 and a beta of 1.18. Powell Industries, Inc. has a one year low of $78.50 and a one year high of $328.00.

Powell Industries (NASDAQ:POWL - Get Free Report) last posted its 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). The firm had revenue of $311.74 million for the quarter, compared to analysts' expectations of $316.70 million. Powell Industries had a return on equity of 27.51% and a net margin of 16.49%.The firm's revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company posted $3.96 EPS. Analysts expect that Powell Industries, Inc. will post 5.36 EPS for the current fiscal year.

Powell Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. Powell Industries's dividend payout ratio is currently 6.91%.

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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