The Manufacturers Life Insurance Company purchased a new position in Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 7,938 shares of the industrial products company's stock, valued at approximately $2,273,000.
Several other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Powell Industries during the 2nd quarter valued at about $1,033,376,000. Northwestern Mutual Wealth Management Co. grew its stake in Powell Industries by 1,230,312.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 775,160 shares of the industrial products company's stock valued at $247,106,000 after acquiring an additional 775,097 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Powell Industries during the 2nd quarter worth approximately $60,389,000. Tema ETFs LLC increased its holdings in Powell Industries by 217.3% during the 2nd quarter. Tema ETFs LLC now owns 268,692 shares of the industrial products company's stock worth $76,943,000 after acquiring an additional 184,010 shares during the period. Finally, Summit Partners Public Asset Management LLC purchased a new stake in Powell Industries in the 3rd quarter worth approximately $43,515,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms have recently commented on POWL. JPMorgan Chase & Co. boosted their price target on shares of Powell Industries from $310.00 to $360.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Zacks Research cut Powell Industries from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Cantor Fitzgerald decreased their target price on Powell Industries from $320.00 to $235.00 and set a "neutral" rating on the stock in a research note on Friday, August 14th. Glj Research raised Powell Industries from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Finally, Weiss Ratings lowered Powell Industries from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, August 19th. Two 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $215.42.
Read Our Latest Report on POWL
Insider Activity
In other news, CEO Brett Alan Cope sold 4,440 shares of Powell Industries stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $241.55, for a total value of $1,072,482.00. Following the transaction, the chief executive officer owned 517,233 shares in the company, valued at approximately $124,937,631.15. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Thomas W. Powell sold 33,958 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $294.49, for a total value of $10,000,291.42. Following the transaction, the insider owned 564,736 shares in the company, valued at approximately $166,309,104.64. The trade was a 5.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 42,898 shares of company stock valued at $12,353,653. 2.20% of the stock is currently owned by insiders.
Powell Industries Stock Performance
Powell Industries stock opened at $170.51 on Thursday. The firm's fifty day moving average price is $221.36 and its 200-day moving average price is $230.98. The stock has a market cap of $6.21 billion, a P/E ratio of 32.73, a price-to-earnings-growth ratio of 2.29 and a beta of 1.18. Powell Industries, Inc. has a fifty-two week low of $84.64 and a fifty-two week high of $328.00.
Powell Industries (NASDAQ:POWL - Get Free Report) last announced its earnings results on Monday, August 3rd. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.07). The company had revenue of $311.74 million during 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 was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.96 earnings per share. 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. Powell Industries's dividend payout ratio is 6.91%.
Powell Industries Company Profile
(
Free Report)
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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