Powell Industries, Inc. $POWL Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC significantly increased its stake in Powell Industries by 1,010.1% in Q2, owning 42,607 shares valued at approximately $8.95 million at the end of the reporting period.
• Powell Industries reported an EPS of $3.96 for its last quarter, surpassing estimates, with revenues of $286.27 million, a decline from the previous year.
• The company announced a quarterly dividend of $0.2675, reflecting an annualized yield of 0.3% and a low payout ratio of 7.43%.

Allspring Global Investments Holdings LLC increased its holdings in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 1,010.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,607 shares of the industrial products company's stock after buying an additional 38,769 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.35% of Powell Industries worth $8,949,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of POWL. New Vernon Capital Holdings II LLC acquired a new position in Powell Industries in the 1st quarter worth approximately $34,554,000. GW&K Investment Management LLC purchased a new stake in Powell Industries in the 1st quarter worth approximately $27,984,000. RPG Investment Advisory LLC boosted its position in Powell Industries by 342.4% in the 1st quarter. RPG Investment Advisory LLC now owns 154,126 shares of the industrial products company's stock worth $26,252,000 after purchasing an additional 119,289 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new stake in Powell Industries in the 1st quarter worth approximately $16,405,000. Finally, Jacobs Levy Equity Management Inc. boosted its position in Powell Industries by 137.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 134,946 shares of the industrial products company's stock worth $22,985,000 after purchasing an additional 78,163 shares in the last quarter. Institutional investors and hedge funds own 89.77% of the company's stock.

Powell Industries Price Performance

Shares of NASDAQ:POWL opened at $330.71 on Monday. Powell Industries, Inc. has a 1 year low of $146.02 and a 1 year high of $364.98. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 22.97, a price-to-earnings-growth ratio of 1.58 and a beta of 0.82. The business's 50 day moving average price is $286.62 and its 200-day moving average price is $226.84.

Powell Industries (NASDAQ:POWL - Get Free Report) last posted 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. Powell Industries had a return on equity of 33.16% and a net margin of 16.22%.The firm had revenue of $286.27 million during the quarter, compared to the consensus estimate of $301.69 million. During the same period in the prior year, the company earned $3.79 EPS. The firm's revenue was down .7% compared to the same quarter last year. On average, sell-side analysts expect that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, August 20th were paid a $0.2675 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.3%. Powell Industries's dividend payout ratio (DPR) is 7.43%.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Powell Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $312.00.

Insiders Place Their Bets

In other Powell Industries news, EVP Michael William Metcalf sold 3,200 shares of the firm's stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $298.74, for a total value of $955,968.00. Following the completion of the sale, the executive vice president directly owned 25,700 shares of the company's stock, valued at $7,677,618. This trade represents a 11.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Birchall sold 3,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $260.03, for a total value of $780,090.00. Following the completion of the sale, the director directly owned 6,700 shares of the company's stock, valued at $1,742,201. This trade represents a 30.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.