Bank of America Corp DE Grows Position in Powell Industries, Inc. $POWL

Key Points

• Bank of America increased its Powell Industries stake by 324.5% in the first quarter to 90,797 shares worth approximately $49.1 million. Institutional investors collectively own 89.77% of the company.
• Powell Industries’ latest quarterly results fell short of estimates, with EPS of $1.42 versus a $1.49 consensus and revenue of $311.74 million versus $316.70 million expected, although revenue rose 8.9% year over year.
• Insiders sold 52,588 shares worth $15.3 million over the past quarter, while analysts maintain a consensus “Buy” rating with an average price target of $236.67. The company also declared a quarterly dividend of $0.09 per share.

Bank of America Corp DE increased its position in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 324.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,797 shares of the industrial products company's stock after purchasing an additional 69,407 shares during the period. Bank of America Corp DE owned 0.25% of Powell Industries worth $49,128,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in shares of Powell Industries by 55.1% in the 1st quarter. Janus Henderson Group PLC now owns 224,966 shares of the industrial products company's stock worth $121,643,000 after acquiring an additional 79,932 shares in the last quarter. Amundi boosted its stake in Powell Industries by 31.9% during the first quarter. Amundi now owns 2,775 shares of the industrial products company's stock worth $1,501,000 after acquiring an additional 671 shares in the last quarter. California State Teachers Retirement System boosted its stake in Powell Industries by 23.2% during the first quarter. California State Teachers Retirement System now owns 11,271 shares of the industrial products company's stock worth $6,099,000 after acquiring an additional 2,120 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in Powell Industries in the first quarter worth about $21,643,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Powell Industries by 5.6% during the first quarter. The Manufacturers Life Insurance Company now owns 4,412 shares of the industrial products company's stock valued at $2,387,000 after purchasing an additional 232 shares in the last quarter. Institutional investors own 89.77% of the company's stock.

Insider Buying and Selling

In related news, EVP Michael William Metcalf sold 4,500 shares of the firm'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 transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brett Alan Cope sold 4,440 shares of the firm's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $241.55, for a total transaction of $1,072,482.00. Following the sale, the chief executive officer owned 517,233 shares in the company, valued at $124,937,631.15. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 52,588 shares of company stock valued at $15,260,841. Company insiders own 2.20% of the company's stock.

Powell Industries Stock Performance

NASDAQ POWL opened at $208.38 on Wednesday. The stock has a 50-day moving average of $252.92 and a 200 day moving average of $227.66. Powell Industries, Inc. has a one year low of $78.50 and a one year high of $328.00. The company has a market capitalization of $7.59 billion, a price-to-earnings ratio of 40.00, a PEG ratio of 2.77 and a beta of 1.18.

Powell Industries (NASDAQ:POWL - Get Free Report) last posted its earnings results on Monday, August 3rd. The industrial products company reported $1.42 EPS for the quarter, missing analysts' consensus estimates of $1.49 by ($0.07). The company had revenue of $311.74 million during the quarter, compared to the consensus estimate of $316.70 million. Powell Industries had a return on equity of 27.51% and a net margin of 16.49%.The company's revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $3.96 EPS. On average, equities analysts predict that Powell Industries, Inc. will post 5.34 earnings per share for the current fiscal year.

Powell Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.09 per share. 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 payout ratio is presently 6.91%.

Analysts Set New Price Targets

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

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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