ABS Direct Equity Fund LLC Sells 7,500 Shares of Powell Industries, Inc. $POWL

ABS Direct Equity Fund LLC lowered its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 75.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,500 shares of the industrial products company's stock after selling 7,500 shares during the quarter. ABS Direct Equity Fund LLC's holdings in Powell Industries were worth $1,353,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in POWL. Greenline Wealth Management LLC bought a new position in Powell Industries in the 4th quarter worth approximately $29,000. Hollencrest Capital Management bought a new stake in Powell Industries in the 1st quarter valued at $54,000. Steward Partners Investment Advisory LLC lifted its stake in Powell Industries by 126.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company's stock worth $36,000 after purchasing an additional 63 shares in the last quarter. First Horizon Corp bought a new position in shares of Powell Industries during the 4th quarter valued at about $40,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Powell Industries by 12,800.0% during the 4th quarter. Larson Financial Group LLC now owns 129 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 89.77% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on POWL shares. Zacks Research lowered Powell Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Cantor Fitzgerald lifted their price objective on Powell Industries from $160.00 to $320.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on Powell Industries from $310.00 to $360.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Weiss Ratings downgraded Powell Industries from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Finally, Glj Research raised shares of Powell Industries from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Powell Industries has an average rating of "Buy" and an average target price of $236.67.

Insider Buying and Selling at Powell Industries

In related news, EVP Michael William Metcalf sold 4,500 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $22,458,096. This trade represents a 5.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 business'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 approximately $166,309,104.64. The trade was a 5.67% decrease in their position. The SEC filing for this sale provides additional information. Over 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 company insiders.

Powell Industries Stock Performance

Shares of Powell Industries stock opened at $232.21 on Monday. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 45.44, a price-to-earnings-growth ratio of 3.03 and a beta of 1.13. The stock has a 50 day moving average price of $270.49 and a 200-day moving average price of $221.16. Powell Industries, Inc. has a one year low of $69.00 and a one year high of $328.00.

Powell Industries (NASDAQ:POWL - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 28.61% and a net margin of 16.51%.The firm's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.81 earnings per share. Sell-side analysts predict that Powell Industries, Inc. will post 5.47 earnings per share for the current fiscal year.

Powell Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders 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 yield of 0.2%. Powell Industries's dividend payout ratio (DPR) is presently 7.05%.

About Powell Industries

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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