Powell Industries, Inc. $POWL Stock: Allspring Global Investments Holdings LLC Increases Holdings

Key Points

• Allspring Global Investments increased its Powell Industries stake by 123.3% in the third quarter, adding 157,068 shares to reach 284,405 shares, valued at about $54.2 million. Institutional investors collectively own 89.77% of the company.
• Analyst sentiment is “Moderate Buy,” with an average price target of $187.92; recent ratings range from Strong Buy to Hold, and JPMorgan cut its target to $250 from $300.
• Powell shares opened at $138.21, down 2.4% that day. Insiders sold 5,800 shares worth about $1.07 million over the past 90 days, while the company announced a quarterly dividend of $0.09 per share.

Allspring Global Investments Holdings LLC raised its stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 123.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 284,405 shares of the industrial products company's stock after buying an additional 157,068 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.78% of Powell Industries worth $54,208,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Powell Industries during the 2nd quarter worth approximately $1,033,376,000. Jupiter Topco LLC acquired a new position in shares of Powell Industries during the 2nd quarter worth approximately $93,845,000. Tidal Investments LLC raised its stake in Powell Industries by 222.3% in the 2nd quarter. Tidal Investments LLC now owns 282,483 shares of the industrial products company's stock valued at $80,892,000 after acquiring an additional 194,840 shares during the period. Tema ETFs LLC raised its stake in Powell Industries by 217.3% in the 2nd quarter. Tema ETFs LLC now owns 268,692 shares of the industrial products company's stock valued at $76,943,000 after acquiring an additional 184,010 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Powell Industries by 55.1% in the 1st quarter. Janus Henderson Group PLC now owns 224,966 shares of the industrial products company's stock valued at $121,643,000 after acquiring an additional 79,932 shares during the period. Institutional investors own 89.77% of the company's stock.

Insiders Place Their Bets

In other news, insider Ping Ni sold 700 shares of Powell Industries stock in a transaction on Friday, October 16th. The stock was sold at an average price of $167.14, for a total transaction of $116,998.00. Following the completion of the sale, the insider owned 5,339 shares of the company's stock, valued at approximately $892,360.46. This trade represents a 11.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marshall Jr sold 301 shares of the business's stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total transaction of $56,488.67. Following the completion of the sale, the vice president directly owned 10,552 shares of the company's stock, valued at approximately $1,980,293.84. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,800 shares of company stock worth $1,074,115 in the last 90 days. Company insiders own 2.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on POWL. Glj Research raised Powell Industries from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. decreased their price objective on shares of Powell Industries from $300.00 to $250.00 and set an "overweight" rating on the stock in a report on Tuesday, October 13th. Weiss Ratings lowered shares of Powell Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 19th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $235.00 price objective on shares of Powell Industries in a research report on Thursday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $187.92.

Powell Industries Trading Down 2.4%

NASDAQ:POWL opened at $138.21 on Wednesday. The stock has a market cap of $5.03 billion, a P/E ratio of 26.53, a PEG ratio of 1.47 and a beta of 1.25. The stock has a 50 day simple moving average of $173.38 and a 200 day simple moving average of $212.11. Powell Industries, Inc. has a 1-year low of $92.59 and a 1-year high of $328.00.

Powell Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, November 18th will be given a dividend of $0.09 per share. The ex-dividend date is Wednesday, November 18th. This represents a $0.36 annualized dividend and a yield of 0.3%. Powell Industries's dividend payout ratio (DPR) is presently 6.91%.

Powell Industries Profile

Powell Industries designs, manufactures and services custom-engineered electrical equipment and systems used to distribute, control and monitor electrical power. Its offerings include electrical switchgear, control rooms and integrated power-control systems for industrial and utility applications. The company serves customers in industries such as oil and gas, petrochemicals, utilities, mining and transportation. Its equipment is used in facilities including power plants, refineries and other energy and industrial sites, in North America and international markets.

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