HITE Hedge Asset Management LLC Invests $16.41 Million in Powell Industries, Inc. $POWL

Key Points

• HITE Hedge Asset Management LLC invested approximately $16.41 million to acquire 96,312 shares of Powell Industries, now holding about 0.80% of the company.
• Insider transactions included CEO Brett Alan Cope selling 6,775 shares and EVP Michael William Metcalf selling 3,921 shares, indicating notable reductions in their positions.
• Powell Industries recently declared a quarterly dividend of $0.2675, set for payment on September 17th, with an annualized yield of 0.4%.

HITE Hedge Asset Management LLC bought a new position in Powell Industries, Inc. (NASDAQ:POWL - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 96,312 shares of the industrial products company's stock, valued at approximately $16,405,000. HITE Hedge Asset Management LLC owned about 0.80% of Powell Industries at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of POWL. Versant Capital Management Inc purchased a new position in Powell Industries in the first quarter worth about $25,000. Brooklyn Investment Group raised its position in Powell Industries by 168.8% in the first quarter. Brooklyn Investment Group now owns 172 shares of the industrial products company's stock worth $29,000 after acquiring an additional 108 shares during the period. Harbour Investments Inc. boosted its stake in shares of Powell Industries by 1,970.0% during the 1st quarter. Harbour Investments Inc. now owns 207 shares of the industrial products company's stock worth $35,000 after acquiring an additional 197 shares during the last quarter. GeoWealth Management LLC increased its stake in shares of Powell Industries by 123.8% in the 4th quarter. GeoWealth Management LLC now owns 179 shares of the industrial products company's stock worth $40,000 after purchasing an additional 99 shares in the last quarter. Finally, Transce3nd LLC bought a new position in Powell Industries in the 4th quarter worth $78,000. 89.77% of the stock is owned by institutional investors.

Insider Buying and Selling at Powell Industries

In other Powell Industries news, CEO Brett Alan Cope sold 6,775 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $210.55, for a total transaction of $1,426,476.25. Following the completion of the sale, the chief executive officer directly owned 147,471 shares of the company's stock, valued at $31,050,019.05. This trade represents a 4.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael William Metcalf sold 3,921 shares of the business's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $210.55, for a total transaction of $825,566.55. Following the completion of the transaction, the executive vice president directly owned 28,900 shares in the company, valued at $6,084,895. This trade represents a 11.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,308 shares of company stock valued at $3,574,755 in the last ninety days. 2.20% of the stock is currently owned by insiders.

Powell Industries Stock Performance

NASDAQ POWL opened at $254.64 on Monday. The business's fifty day moving average is $217.83 and its 200 day moving average is $195.10. Powell Industries, Inc. has a fifty-two week low of $146.02 and a fifty-two week high of $364.98. The company has a market capitalization of $3.07 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 1.26 and a beta of 0.81.

Powell Industries (NASDAQ:POWL - Get Free Report) last released its earnings results on Tuesday, August 5th. The industrial products company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.73 by $0.23. Powell Industries had a net margin of 16.22% and a return on equity of 33.16%. The company had revenue of $286.27 million during the quarter, compared to analyst estimates of $301.69 million. During the same period in the prior year, the firm posted $3.79 EPS. The firm's quarterly revenue was down .7% compared to the same quarter last year. On average, sell-side analysts forecast that Powell Industries, Inc. will post 13.71 EPS for the current year.

Powell Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th will be issued a $0.2675 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.07 annualized dividend and a yield of 0.4%. Powell Industries's dividend payout ratio is currently 7.43%.

About Powell Industries

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company's principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.

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