Horizon Investment Services LLC Purchases New Position in Powell Industries, Inc. $POWL

Key Points

• Horizon Investment Services purchased 7,684 shares of Powell Industries in the second quarter, valued at approximately $2.2 million. Institutional investors collectively own 89.77% of the company.
• Analysts maintain a consensus “Buy” rating with an average price target of $215.42, although recent recommendations were mixed, including target-price cuts and upgrades.
• Powell Industries reported quarterly revenue of $311.74 million and EPS of $1.42, both below analyst expectations, while revenue increased 8.9% year over year. The company also declared a quarterly dividend of $0.09 per share.

Horizon Investment Services LLC purchased a new position in Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,684 shares of the industrial products company's stock, valued at approximately $2,200,000.

A number of other hedge funds also recently bought and sold shares of the business. USA Financial Formulas purchased a new stake in shares of Powell Industries in the first quarter valued at approximately $43,000. Greenline Wealth Management LLC purchased a new position in shares of Powell Industries during the 4th quarter valued at approximately $29,000. Hollencrest Capital Management acquired a new stake in Powell Industries in the 1st quarter valued at $54,000. MassMutual Private Wealth & Trust FSB grew its stake in Powell Industries by 183.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 68 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its stake in Powell Industries by 126.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 63 shares during the period. Hedge funds and other institutional investors own 89.77% of the company's stock.

Wall Street Analyst Weigh In

POWL has been the subject of a number of research analyst reports. Weiss Ratings cut shares of Powell Industries from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Cantor Fitzgerald dropped their target price on shares of Powell Industries from $320.00 to $235.00 and set a "neutral" rating on the stock in a research report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Powell Industries from $310.00 to $360.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Zacks Research downgraded shares of Powell Industries from a "strong-buy" rating to a "hold" rating in a research report 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 equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $215.42.

Insider Transactions at Powell Industries

In other news, CEO Brett Alan Cope sold 4,440 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $241.55, for a total value of $1,072,482.00. Following the transaction, the chief executive officer directly owned 517,233 shares of the company's stock, valued at approximately $124,937,631.15. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael William Metcalf sold 4,500 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the transaction, the executive vice president owned 78,900 shares in the company, valued at $22,458,096. The trade was a 5.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 42,898 shares of company stock valued at $12,353,653. Corporate insiders own 2.20% of the company's stock.

Powell Industries Stock Performance

Shares of POWL opened at $213.48 on Monday. Powell Industries, Inc. has a one year low of $78.50 and a one year high of $328.00. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of 40.98, a PEG ratio of 2.84 and a beta of 1.18. The stock has a 50 day moving average price of $247.73 and a 200 day moving average price of $229.09.

Powell Industries (NASDAQ:POWL - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The industrial products company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.07). Powell Industries had a net margin of 16.49% and a return on equity of 27.51%. The firm had revenue of $311.74 million during the quarter, compared to analyst estimates of $316.70 million. During the same period in the prior year, the company posted $3.96 earnings per share. The firm's revenue for the quarter was up 8.9% compared to the same quarter last year. On average, analysts predict that Powell Industries, Inc. will post 5.36 earnings per share for the current year.

Powell Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Powell Industries's dividend payout ratio is 6.91%.

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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