Allspring Global Investments Holdings LLC Buys 1,858 Shares of Powell Industries, Inc. (NASDAQ:POWL)

Allspring Global Investments Holdings LLC lifted its stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 93.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,838 shares of the industrial products company's stock after acquiring an additional 1,858 shares during the period. Allspring Global Investments Holdings LLC's holdings in Powell Industries were worth $675,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in Powell Industries by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 688,058 shares of the industrial products company's stock worth $152,508,000 after purchasing an additional 24,997 shares during the period. American Century Companies Inc. lifted its position in Powell Industries by 8.3% in the fourth quarter. American Century Companies Inc. now owns 351,750 shares of the industrial products company's stock worth $77,965,000 after purchasing an additional 27,029 shares during the period. Demars Financial Group LLC bought a new position in Powell Industries in the first quarter worth $58,692,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Powell Industries by 5.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 297,868 shares of the industrial products company's stock worth $66,023,000 after purchasing an additional 16,002 shares during the period. Finally, Invesco Ltd. lifted its position in Powell Industries by 134.0% in the fourth quarter. Invesco Ltd. now owns 265,139 shares of the industrial products company's stock worth $58,768,000 after purchasing an additional 151,850 shares during the period. Institutional investors and hedge funds own 89.77% of the company's stock.

Insiders Place Their Bets

In other Powell Industries news, EVP Michael William Metcalf sold 3,921 shares of Powell Industries stock in a transaction on Friday, June 27th. The stock was sold at an average price of $210.55, for a total transaction of $825,566.55. Following the completion of the transaction, the executive vice president directly owned 28,900 shares of the company's stock, valued at approximately $6,084,895. This trade represents a 11.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett Alan Cope sold 6,775 shares of Powell Industries stock in a transaction on Friday, June 27th. The shares were sold at an average price of $210.55, for a total value of $1,426,476.25. Following the transaction, the chief executive officer directly owned 147,471 shares of the company's stock, valued at approximately $31,050,019.05. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,308 shares of company stock valued at $3,574,755. Company insiders own 2.20% of the company's stock.

Powell Industries Trading Down 0.1%

POWL stock traded down $0.25 during midday trading on Friday, hitting $212.62. The stock had a trading volume of 103,927 shares, compared to its average volume of 418,712. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 1.07 and a beta of 0.77. Powell Industries, Inc. has a 52 week low of $127.01 and a 52 week high of $364.98. The stock has a 50-day simple moving average of $189.30 and a 200 day simple moving average of $197.26.

Powell Industries (NASDAQ:POWL - Get Free Report) last issued its earnings results on Tuesday, May 6th. The industrial products company reported $3.81 EPS for the quarter, topping the consensus estimate of $3.34 by $0.47. The firm had revenue of $278.63 million during the quarter, compared to analysts' expectations of $282.68 million. Powell Industries had a return on equity of 35.43% and a net margin of 16.00%. Powell Industries's quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the business earned $2.75 earnings per share. On average, equities analysts forecast that Powell Industries, Inc. will post 13.71 EPS for the current year.

Powell Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.2675 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.50%. Powell Industries's payout ratio is presently 7.52%.

About Powell Industries

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company's principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.