Bank of New York Mellon Corp Invests $60.39 Million in Powell Industries, Inc. $POWL

Key Points

• Bank of New York Mellon acquired 210,886 Powell Industries shares worth approximately $60.4 million, joining other institutional investors that increased their positions. Institutions now own about 89.77% of the company.
• Powell Industries missed quarterly expectations, reporting EPS of $1.42 versus the $1.49 consensus and revenue of $311.74 million versus $316.70 million, although revenue rose 8.9% year over year.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $215.42 price target, while recent insider sales and a sharp decline in the stock from its 52-week high add caution.

Bank of New York Mellon Corp purchased a new position in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 210,886 shares of the industrial products company's stock, valued at approximately $60,389,000. Bank of New York Mellon Corp owned approximately 0.58% of Powell Industries at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of POWL. Private Advisory Group LLC purchased a new position in shares of Powell Industries in the 2nd quarter worth about $14,158,000. USA Financial Formulas purchased a new stake in Powell Industries during the first quarter worth about $43,000. Tema ETFs LLC increased its holdings in Powell Industries by 217.3% during the second quarter. Tema ETFs LLC now owns 268,692 shares of the industrial products company's stock worth $76,943,000 after buying an additional 184,010 shares during the last quarter. Ausbil Investment Management Ltd grew its position in shares of Powell Industries by 74.2% during the 2nd quarter. Ausbil Investment Management Ltd now owns 6,719 shares of the industrial products company's stock valued at $1,780,000 after acquiring an additional 2,863 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in shares of Powell Industries by 97.4% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 1,875 shares of the industrial products company's stock valued at $537,000 after buying an additional 925 shares during the last quarter. Institutional investors own 89.77% of the company's stock.

Powell Industries Price Performance

Shares of POWL opened at $191.75 on Thursday. The firm has a market cap of $6.99 billion, a P/E ratio of 36.80, a P/E/G ratio of 2.53 and a beta of 1.18. The stock has a 50 day simple moving average of $233.16 and a two-hundred day simple moving average of $231.47. Powell Industries, Inc. has a 1 year low of $83.85 and a 1 year high of $328.00.

Powell Industries (NASDAQ:POWL - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.49 by ($0.07). The company had revenue of $311.74 million for the quarter, compared to the consensus estimate of $316.70 million. Powell Industries had a net margin of 16.49% and a return on equity of 27.51%. The firm's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the business posted $3.96 earnings per share. On average, equities analysts anticipate that Powell Industries, Inc. will post 5.36 earnings per share for the current year.

Powell Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.09 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.36 dividend on an annualized basis and a yield of 0.2%. Powell Industries's payout ratio is presently 6.91%.

Insiders Place Their Bets

In other Powell Industries news, major shareholder Thomas W. Powell sold 33,958 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $294.49, for a total value of $10,000,291.42. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael William Metcalf sold 4,500 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the transaction, the executive vice president owned 78,900 shares in the company, valued at $22,458,096. This represents a 5.40% decrease in their position. 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 ninety days, insiders sold 42,898 shares of company stock valued at $12,353,653. Insiders own 2.20% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on POWL. Zacks Research downgraded shares of Powell Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Glj Research raised shares of Powell Industries from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Weiss Ratings cut shares of Powell Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 19th. Cantor Fitzgerald cut their price objective 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Powell Industries from $310.00 to $360.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $215.42.

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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