Fifth Third Bancorp Increases Stock Position in Powell Industries, Inc. $POWL

Key Points

• Fifth Third Bancorp dramatically increased its stake in Powell Industries in Q1, boosting holdings by 10,459.4% to 7,286 shares worth about $3.94 million.
• Powell Industries shares were down 1.3% to $232.79, while the stock has traded between $69.00 and $328.00 over the past 12 months and has a market cap of $8.48 billion.
• The company recently missed quarterly EPS expectations but still posted year-over-year revenue growth of 6.5%; meanwhile, insiders have been selling shares, including a major sale by Thomas W. Powell.

Fifth Third Bancorp increased its holdings in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 10,459.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,286 shares of the industrial products company's stock after buying an additional 7,217 shares during the period. Fifth Third Bancorp's holdings in Powell Industries were worth $3,942,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Greenline Wealth Management LLC purchased a new position in Powell Industries during the 4th quarter valued at about $29,000. Avanza Fonder AB bought a new position in shares of Powell Industries in the 4th quarter worth $30,000. State of Wyoming purchased a new stake in shares of Powell Industries during the 2nd quarter valued at $33,000. Steward Partners Investment Advisory LLC raised its position in Powell Industries by 126.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 63 shares in the last quarter. Finally, First Horizon Corp bought a new stake in Powell Industries during the fourth quarter worth about $40,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Powell Industries Trading Down 1.3%

POWL stock opened at $232.79 on Friday. The stock has a market capitalization of $8.48 billion, a PE ratio of 45.56, a price-to-earnings-growth ratio of 3.04 and a beta of 1.13. Powell Industries, Inc. has a 12-month low of $69.00 and a 12-month high of $328.00. The stock's 50 day simple moving average is $277.14 and its 200 day simple moving average is $216.00.

Powell Industries (NASDAQ:POWL - Get Free Report) last released its quarterly earnings data 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). Powell Industries had a return on equity of 28.61% and a net margin of 16.51%.The business had revenue of $296.62 million during the quarter, compared to the consensus estimate of $298.12 million. During the same quarter in the previous year, the business posted $3.81 earnings per share. Powell Industries's quarterly revenue was up 6.5% compared to the same quarter last year. On average, research analysts predict that Powell Industries, Inc. will post 5.47 earnings per share for the current year.

Powell Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, May 20th. Powell Industries's dividend payout ratio (DPR) is presently 7.05%.

Insider Activity at Powell Industries

In related news, major shareholder Thomas W. Powell sold 33,958 shares of the business'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 transaction of $10,000,291.42. Following the completion of the sale, the insider directly owned 564,736 shares in the company, valued at approximately $166,309,104.64. The trade was a 5.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP William Marshall Mauney, Jr. sold 2,500 shares of Powell Industries stock in a transaction on Monday, May 11th. The shares were sold at an average price of $323.69, for a total value of $809,225.00. Following the transaction, the vice president owned 10,853 shares in the company, valued at $3,513,007.57. This trade represents a 18.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 55,088 shares of company stock valued at $16,070,066 in the last three months. Corporate insiders own 2.20% of the company's stock.

Analyst Upgrades and Downgrades

POWL has been the subject of a number of recent research reports. Weiss Ratings downgraded Powell Industries from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday. JPMorgan Chase & Co. raised their target price on shares of Powell Industries from $310.00 to $360.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Texas Capital raised shares of Powell Industries to a "strong-buy" rating in a research note on Friday, March 27th. Cantor Fitzgerald boosted their target price on Powell Industries from $160.00 to $320.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Finally, Glj Research raised shares of Powell Industries from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $236.67.

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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