Granahan Investment Management LLC Sells 27,449 Shares of Powell Industries, Inc. $POWL

Key Points

• Granahan Investment Management cut its Powell stake by 62.1% in Q3, selling 27,449 shares and leaving it with 16,764 shares worth $5.11M; insiders sold a total of 30,158 shares (~$17.16M) last quarter while institutional investors own 89.77% of the stock.
• Powell beat quarterly EPS estimates with $3.40 vs. $2.85 and posted a 4.1% YoY revenue increase, with strong profitability (net margin 16.82%, ROE 30.64); analysts hold a consensus "Moderate Buy" rating and an average price target of $427.00.
• The company announced a 3-for-1 stock split effective April 6 and declared a quarterly dividend of $0.27 (annualized $1.08, yield ~0.2%).

Granahan Investment Management LLC cut its holdings in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 62.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,764 shares of the industrial products company's stock after selling 27,449 shares during the quarter. Granahan Investment Management LLC owned 0.14% of Powell Industries worth $5,110,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Brevan Howard Capital Management LP bought a new position in Powell Industries during the third quarter valued at $344,000. Bank of America Corp DE increased its holdings in shares of Powell Industries by 14.6% in the 3rd quarter. Bank of America Corp DE now owns 23,622 shares of the industrial products company's stock worth $7,200,000 after buying an additional 3,006 shares during the last quarter. Creative Planning increased its holdings in shares of Powell Industries by 11.7% in the 3rd quarter. Creative Planning now owns 2,463 shares of the industrial products company's stock worth $751,000 after buying an additional 258 shares during the last quarter. Zacks Investment Management raised its position in shares of Powell Industries by 1.7% during the 3rd quarter. Zacks Investment Management now owns 6,052 shares of the industrial products company's stock valued at $1,845,000 after buying an additional 99 shares in the last quarter. Finally, Occudo Quantitative Strategies LP raised its position in shares of Powell Industries by 45.1% during the 3rd quarter. Occudo Quantitative Strategies LP now owns 1,409 shares of the industrial products company's stock valued at $429,000 after buying an additional 438 shares in the last quarter. Institutional investors own 89.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on POWL. Weiss Ratings reiterated a "buy (b-)" rating on shares of Powell Industries in a research report on Monday, December 29th. Wall Street Zen downgraded Powell Industries from a "buy" rating to a "hold" rating in a research report on Saturday, March 7th. Cantor Fitzgerald raised their price objective on Powell Industries from $427.00 to $481.00 and gave the company a "neutral" rating in a research note on Thursday, February 5th. Roth Mkm reiterated a "buy" rating and issued a $350.00 target price on shares of Powell Industries in a report on Wednesday, November 19th. Finally, Glj Research assumed coverage on Powell Industries in a research report on Thursday, March 5th. They set a "hold" rating and a $450.00 target price on the stock. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $427.00.

Powell Industries Stock Down 2.1%

POWL opened at $502.71 on Monday. The stock's fifty day moving average is $483.80 and its two-hundred day moving average is $379.67. The company has a market capitalization of $6.10 billion, a P/E ratio of 32.66, a PEG ratio of 2.25 and a beta of 0.82. Powell Industries, Inc. has a 52 week low of $152.89 and a 52 week high of $612.50.

Powell Industries's stock is going to split on the morning of Monday, April 6th. The 3-1 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Sunday, April 5th.

Powell Industries (NASDAQ:POWL - Get Free Report) last released its quarterly earnings data on Tuesday, February 3rd. The industrial products company reported $3.40 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.55. Powell Industries had a net margin of 16.82% and a return on equity of 30.64%. The company had revenue of $251.18 million during the quarter, compared to analyst estimates of $255.34 million. During the same period in the prior year, the firm earned $2.86 earnings per share. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts anticipate that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, February 18th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, February 18th. This is a boost from Powell Industries's previous quarterly dividend of $0.27. Powell Industries's dividend payout ratio is currently 7.02%.

Insider Buying and Selling at Powell Industries

In related news, major shareholder Thomas W. Powell sold 318 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $560.37, for a total value of $178,197.66. Following the completion of the transaction, the insider owned 650,472 shares of the company's stock, valued at $364,504,994.64. The trade was a 0.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Treasurer David L. Eckenrode sold 295 shares of the company's stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $570.00, for a total value of $168,150.00. Following the sale, the treasurer owned 443 shares of the company's stock, valued at approximately $252,510. This represents a 39.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,158 shares of company stock worth $17,160,352 over the last quarter. 2.20% of the stock is currently owned by company insiders.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.