Carnegie Investment Counsel Has $19.68 Million Holdings in Powell Industries, Inc. $POWL

Key Points

• Carnegie Investment Counsel trimmed its Powell Industries stake by 11.0% in the first quarter, but still held 36,376 shares valued at about $19.68 million.
• Several other institutional investors also made large moves in Powell Industries, and overall institutional ownership stands at 89.77%, highlighting strong Wall Street interest in the stock.
• Powell Industries reported Q1 EPS of $1.25, missing estimates, while revenue came in slightly below expectations; meanwhile, analysts currently rate the stock Moderate Buy with a consensus price target of $236.67.

Carnegie Investment Counsel decreased its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,376 shares of the industrial products company's stock after selling 4,506 shares during the quarter. Carnegie Investment Counsel owned approximately 0.10% of Powell Industries worth $19,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its holdings in shares of Powell Industries by 10,459.4% in the 1st quarter. Fifth Third Bancorp now owns 7,286 shares of the industrial products company's stock valued at $3,942,000 after acquiring an additional 7,217 shares in the last quarter. Roman Butler Fullerton & Co. increased its position in shares of Powell Industries by 201.9% during the 1st quarter. Roman Butler Fullerton & Co. now owns 9,641 shares of the industrial products company's stock worth $5,217,000 after purchasing an additional 6,448 shares during the last quarter. Abel Hall LLC acquired a new stake in shares of Powell Industries in the 1st quarter valued at approximately $353,000. HB Wealth Management LLC bought a new position in shares of Powell Industries in the first quarter valued at $215,000. Finally, Baer Investment Advisory LLC bought a new stake in Powell Industries during the first quarter worth $1,787,000. 89.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Richard E. Williams sold 5,250 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $299.19, for a total transaction of $1,570,747.50. Following the sale, the director owned 39,630 shares in the company, valued at $11,856,899.70. The trade was a 11.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Thomas W. Powell sold 33,958 shares of the company'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 directly 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 disclosure for this sale is available in the SEC filing. Insiders sold 55,088 shares of company stock worth $16,070,066 in the last ninety days. Insiders own 2.20% of the company's stock.

Powell Industries Price Performance

NASDAQ:POWL traded down $4.39 during trading hours on Friday, hitting $232.19. The company's stock had a trading volume of 606,744 shares, compared to its average volume of 777,181. Powell Industries, Inc. has a twelve month low of $68.33 and a twelve month high of $328.00. The stock has a fifty day simple moving average of $283.79 and a 200-day simple moving average of $211.72. The company has a market capitalization of $8.46 billion, a P/E ratio of 45.44, a PEG ratio of 3.03 and a beta of 1.13.

Powell Industries (NASDAQ:POWL - Get Free Report) last issued its earnings results on Monday, May 4th. The industrial products company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.09). The business had revenue of $296.62 million for the quarter, compared to analyst estimates of $298.12 million. Powell Industries had a return on equity of 28.61% and a net margin of 16.51%.The firm's revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.81 EPS. On average, equities analysts predict that Powell Industries, Inc. will post 5.47 EPS for the current fiscal year.

Powell Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th were issued a dividend of $0.09 per share. The ex-dividend date was Wednesday, May 20th. This represents a $0.36 annualized dividend and a dividend yield of 0.2%. Powell Industries's dividend payout ratio is 7.05%.

Analyst Upgrades and Downgrades

POWL has been the subject of a number of research analyst reports. Zacks Research cut Powell Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Weiss Ratings upgraded Powell Industries from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 8th. Cantor Fitzgerald boosted their price objective on shares of Powell Industries from $160.00 to $320.00 and gave the company a "neutral" rating in a 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 report on Wednesday, May 6th. Finally, Texas Capital raised shares of Powell Industries to a "strong-buy" rating in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Powell Industries currently has an average rating of "Moderate Buy" and a consensus price target 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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