BlackRock Inc. bought a new stake in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,608,659 shares of the industrial products company's stock, valued at approximately $1,033,376,000. BlackRock Inc. owned 9.91% of Powell Industries as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Greenline Wealth Management LLC bought a new position in Powell Industries during the fourth quarter valued at $29,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Powell Industries by 183.8% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company's stock valued at $30,000 after buying an additional 68 shares during the period. State of Wyoming purchased a new position in shares of Powell Industries during the 2nd quarter valued at $33,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Powell Industries during the 2nd quarter valued at $34,000. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Powell Industries by 126.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company's stock worth $36,000 after acquiring an additional 63 shares during the period. Hedge funds and other institutional investors own 89.77% of the company's stock.
Powell Industries Stock Performance
Shares of POWL stock opened at $197.67 on Friday. Powell Industries, Inc. has a 52-week low of $83.02 and a 52-week high of $328.00. The company has a market capitalization of $7.20 billion, a PE ratio of 37.94, a price-to-earnings-growth ratio of 2.63 and a beta of 1.18. The business's fifty day moving average is $239.55 and its 200 day moving average is $230.43.
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 the consensus estimate of $1.49 by ($0.07). The business 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%.Powell Industries's quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.96 earnings per share. On average, sell-side analysts forecast that Powell Industries, Inc. will post 5.36 EPS for the current fiscal year.
Powell Industries Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, August 19th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Powell Industries's dividend payout ratio is 6.91%.
Analyst Ratings Changes
POWL has been the subject of several recent research reports. Glj Research raised Powell Industries from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Zacks Research downgraded shares of Powell Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. JPMorgan Chase & Co. increased their target price on shares of Powell Industries from $310.00 to $360.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Weiss Ratings downgraded shares of Powell Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday. Finally, Cantor Fitzgerald lowered their price target on shares of Powell Industries from $320.00 to $235.00 and set a "neutral" rating on the stock in a research report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Powell Industries presently has an average rating of "Moderate Buy" and an average target price of $215.42.
View Our Latest Report on POWL
Insider Activity at Powell Industries
In related news, major shareholder Thomas W. Powell sold 33,958 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 564,736 shares of the company's stock, valued at $166,309,104.64. This trade represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael William Metcalf sold 4,500 shares of Powell Industries stock in a transaction that occurred on 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 sale, the executive vice president 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 42,898 shares of company stock valued at $12,353,653 over the last three months. 2.20% of the stock is owned by corporate insiders.
Powell Industries Company Profile
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Free Report)
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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Want to see what other hedge funds are holding POWL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Powell Industries, Inc. (NASDAQ:POWL - Free Report).
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