Fisher Asset Management LLC Has $101.14 Million Stock Position in Powell Industries, Inc. $POWL

Key Points

• Fisher Asset Management increased its stake in Powell Industries by 5.6% in the fourth quarter, bringing its holdings to 317,273 shares valued at about $101.14 million.
• Insiders have been selling shares, including major shareholder Thomas W. Powell and VP William Marshall Mauney Jr.; total insider sales over the last three months reached 180,358 shares worth about $32.26 million.
• Powell Industries recently missed earnings estimates for the quarter, reporting EPS of $1.25 versus $1.34 expected, while still posting 6.5% revenue growth year over year. The company also declared a quarterly dividend of $0.09 per share.

Fisher Asset Management LLC boosted its stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 317,273 shares of the industrial products company's stock after purchasing an additional 16,777 shares during the quarter. Fisher Asset Management LLC owned about 2.61% of Powell Industries worth $101,140,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. CWM LLC raised its stake in Powell Industries by 2.0% in the fourth quarter. CWM LLC now owns 1,219 shares of the industrial products company's stock valued at $389,000 after purchasing an additional 24 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Powell Industries by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 686 shares of the industrial products company's stock valued at $219,000 after purchasing an additional 25 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its stake in Powell Industries by 2.8% in the third quarter. Ashton Thomas Private Wealth LLC now owns 1,048 shares of the industrial products company's stock valued at $319,000 after purchasing an additional 29 shares in the last quarter. State of Wyoming raised its stake in Powell Industries by 18.5% in the third quarter. State of Wyoming now owns 186 shares of the industrial products company's stock valued at $57,000 after purchasing an additional 29 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Powell Industries by 1.1% in the third quarter. Arizona State Retirement System now owns 2,847 shares of the industrial products company's stock valued at $868,000 after purchasing an additional 30 shares in the last quarter. Institutional investors and hedge funds own 89.77% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Thomas W. Powell sold 149,334 shares of the company's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $167.41, for a total value of $25,000,004.94. Following the sale, the insider directly owned 1,796,082 shares in the company, valued at $300,682,087.62. This represents a 7.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP William Marshall Mauney, Jr. sold 2,500 shares of the company's stock in a transaction that occurred 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 completion of the sale, the vice president owned 10,853 shares in the company, valued at $3,513,007.57. The trade was a 18.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 180,358 shares of company stock valued at $32,264,502 over the last three months. Insiders own 2.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings raised Powell Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 8th. Zacks Research downgraded Powell Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Glj Research initiated coverage on Powell Industries in a research note on Thursday, March 5th. They set a "hold" rating and a $150.00 target price for the company. Cantor Fitzgerald boosted their target price on Powell Industries from $160.00 to $320.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Finally, Texas Capital raised Powell Industries to a "strong-buy" rating in a research note on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $236.67.

Powell Industries Stock Performance

Shares of NASDAQ POWL opened at $279.22 on Tuesday. The company has a market cap of $10.17 billion, a price-to-earnings ratio of 54.64, a PEG ratio of 3.65 and a beta of 1.14. The stock has a 50-day moving average price of $234.67 and a two-hundred day moving average price of $171.90. Powell Industries, Inc. has a 12 month low of $54.75 and a 12 month high of $328.00.

Powell Industries (NASDAQ:POWL - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The industrial products company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.09). The firm had revenue of $296.62 million for the quarter, compared to the consensus estimate of $298.12 million. Powell Industries had a return on equity of 28.61% and a net margin of 16.51%.The business's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.81 earnings per share. On average, sell-side 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 declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Wednesday, May 20th. Powell Industries's payout ratio is 7.05%.

Powell Industries Company 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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