Powell Industries, Inc. $POWL Stock Position Increased by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its Powell Industries position by 21.2% in the third quarter to 51,438 shares valued at approximately $9.5 million. Institutional investors collectively own 89.77% of the company.
• CEO Brett Cope and VP William Mauney sold shares worth about $901,000 and $56,000, respectively. Corporate insiders own 2.20% of Powell Industries.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $215.42, while Powell’s latest quarterly results missed expectations with EPS of $1.42 versus the $1.49 estimate and revenue of $311.74 million versus $316.70 million expected.

Congress Asset Management Co. lifted its position in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 21.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,438 shares of the industrial products company's stock after acquiring an additional 8,982 shares during the quarter. Congress Asset Management Co. owned 0.14% of Powell Industries worth $9,489,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. QRG Capital Management Inc. purchased a new stake in Powell Industries in the 2nd quarter valued at about $211,000. Anchor Investment Management LLC raised its stake in Powell Industries by 92.9% in the second quarter. Anchor Investment Management LLC now owns 135 shares of the industrial products company's stock valued at $39,000 after buying an additional 65 shares during the last quarter. SkyView Investment Advisors LLC purchased a new position in shares of Powell Industries in the second quarter worth $215,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Powell Industries by 205.1% during the second quarter. Sequoia Financial Advisors LLC now owns 1,751 shares of the industrial products company's stock worth $501,000 after purchasing an additional 1,177 shares during the period. Finally, Tidal Investments LLC increased its stake in shares of Powell Industries by 222.3% in the second quarter. Tidal Investments LLC now owns 282,483 shares of the industrial products company's stock worth $80,892,000 after acquiring an additional 194,840 shares during the period. Hedge funds and other institutional investors own 89.77% of the company's stock.

Insider Activity

In other news, CEO Brett Cope sold 4,799 shares of the business's stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total transaction of $900,628.33. Following the completion of the transaction, the chief executive officer directly owned 507,934 shares of the company's stock, valued at approximately $95,323,973.78. The trade was a 0.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP William Marshall Mauney, Jr. sold 301 shares of the company's stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total transaction of $56,488.67. Following the sale, the vice president owned 10,552 shares in the company, valued at $1,980,293.84. The trade was a 2.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on POWL shares. Glj Research raised shares of Powell Industries from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Cantor Fitzgerald reissued a "neutral" rating and set a $235.00 target price on shares of Powell Industries in a report on Thursday, October 1st. Finally, Weiss Ratings cut shares of Powell Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Powell Industries has a consensus rating of "Moderate Buy" and an average target price of $215.42.

Powell Industries Stock Performance

NASDAQ:POWL opened at $197.74 on Thursday. Powell Industries, Inc. has a fifty-two week low of $92.59 and a fifty-two week high of $328.00. The company has a 50 day moving average price of $192.84 and a 200 day moving average price of $232.56. The stock has a market capitalization of $7.20 billion, a P/E ratio of 37.95, a PEG ratio of 2.13 and a beta of 1.17.

Powell Industries (NASDAQ:POWL - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.49 by ($0.07). The business had revenue of $311.74 million for the quarter, compared to analysts' expectations of $316.70 million. Powell Industries had a return on equity of 27.51% and a net margin of 16.49%.The firm's revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the company earned $3.96 earnings per share. Research analysts forecast that Powell Industries, Inc. will post 5.36 earnings per share for the current fiscal year.

Powell Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.09 per share. The ex-dividend date was Wednesday, August 19th. This represents a $0.36 annualized dividend and a yield of 0.2%. Powell Industries's dividend payout ratio is 6.91%.

About Powell Industries

Powell Industries, Inc designs, manufactures and services equipment used to control, monitor and distribute electrical power. Its products include medium-voltage and low-voltage switchgear, motor control centers, electrical control panels, power-control rooms, bus systems and related protection and control equipment. The company also provides engineered electrical systems, field services, equipment modernization, installation support and commissioning services.

Powell serves customers in industries that require reliable and specialized electrical infrastructure, including oil and gas, petrochemical and chemical processing, utilities, mining, transportation, commercial facilities and renewable energy.

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