Lord Abbett & CO. LLC Buys 41,433 Shares of Powell Industries, Inc. $POWL

Key Points

• Lord Abbett & CO. LLC increased its stake in Powell Industries by 259.8% to 57,383 shares, valued at approximately $9.77 million as of the end of the first quarter.
• The company reported a quarterly earnings of $3.96 EPS, exceeding the consensus estimate of $3.73, although revenue fell short of expectations at $286.27 million.
• Powell Industries declared a quarterly dividend of $0.2675 per share, representing an annualized yield of 0.4%, with the payment set for September 17th.

Lord Abbett & CO. LLC lifted its position in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 259.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 57,383 shares of the industrial products company's stock after acquiring an additional 41,433 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.48% of Powell Industries worth $9,774,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in POWL. Demars Financial Group LLC bought a new position in shares of Powell Industries in the 1st quarter worth $58,692,000. GW&K Investment Management LLC purchased a new position in Powell Industries in the first quarter worth $27,984,000. GAMMA Investing LLC boosted its position in Powell Industries by 22,009.7% during the first quarter. GAMMA Investing LLC now owns 102,368 shares of the industrial products company's stock valued at $17,436,000 after buying an additional 101,905 shares during the period. Raymond James Financial Inc. purchased a new stake in Powell Industries during the fourth quarter valued at about $22,556,000. Finally, BNP Paribas Financial Markets boosted its position in Powell Industries by 795.9% during the fourth quarter. BNP Paribas Financial Markets now owns 81,819 shares of the industrial products company's stock valued at $18,135,000 after buying an additional 72,686 shares during the period. 89.77% of the stock is owned by institutional investors.

Insider Transactions at Powell Industries

In other Powell Industries news, CEO Brett Alan Cope sold 6,775 shares of the firm's 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 transaction, the chief executive officer owned 147,471 shares of the company's stock, valued at approximately $31,050,019.05. This trade represents a 4.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael William Metcalf sold 3,921 shares of the firm's 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 $825,566.55. Following the transaction, the executive vice president directly owned 28,900 shares of the company's stock, valued at $6,084,895. This represents a 11.95% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,308 shares of company stock valued at $3,574,755. 2.20% of the stock is owned by insiders.

Powell Industries Price Performance

NASDAQ POWL traded down $5.61 during trading on Tuesday, hitting $254.10. 160,880 shares of the company's stock traded hands, compared to its average volume of 378,743. The stock has a fifty day moving average of $219.22 and a two-hundred day moving average of $195.24. Powell Industries, Inc. has a 12-month low of $146.02 and a 12-month high of $364.98. The firm has a market cap of $3.07 billion, a P/E ratio of 17.65, a PEG ratio of 1.26 and a beta of 0.81.

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

Powell Industries Dividend Announcement

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

Powell Industries Company Profile

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.