Tidal Investments LLC Acquires 194,840 Shares of Powell Industries, Inc. $POWL

Key Points

• Tidal Investments increased its Powell Industries stake by 222.3% in the second quarter, acquiring 194,840 additional shares for a total holding of 282,483 shares valued at approximately $80.9 million. Institutional investors collectively own 89.77% of the company.
• Powell Industries reported quarterly revenue of $311.74 million, up 8.9% year over year, but earnings per share of $1.42 fell short of analysts’ $1.49 estimate. The stock opened at $180.26, down from its 50-day and 200-day moving averages.
• Insiders sold 42,898 shares worth approximately $12.4 million during the quarter, while analysts maintained a “Moderate Buy” consensus and an average price target of $215.42.

Tidal Investments LLC increased its stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 222.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 282,483 shares of the industrial products company's stock after purchasing an additional 194,840 shares during the quarter. Tidal Investments LLC owned about 0.78% of Powell Industries worth $80,892,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Greenline Wealth Management LLC purchased a new stake in Powell Industries during the 4th quarter worth about $29,000. MassMutual Private Wealth & Trust FSB boosted its stake in Powell Industries by 183.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company's stock worth $30,000 after purchasing an additional 68 shares during the period. Allworth Financial LP purchased a new position in Powell Industries during the 2nd quarter valued at about $33,000. State of Wyoming purchased a new position in Powell Industries during the 2nd quarter valued at about $33,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Powell Industries during the second quarter valued at about $34,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Powell Industries news, major shareholder Thomas W. Powell sold 33,958 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $294.49, for a total transaction of $10,000,291.42. Following the transaction, the insider directly owned 564,736 shares in the company, valued at $166,309,104.64. This trade represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Metcalf sold 4,500 shares of Powell Industries stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the transaction, the executive vice president directly owned 78,900 shares in the company, valued at $22,458,096. This trade represents a 5.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 42,898 shares of company stock valued at $12,353,653 over the last quarter. 2.20% of the stock is owned by corporate insiders.

Powell Industries Trading Down 1.2%

Shares of POWL opened at $180.26 on Thursday. Powell Industries, Inc. has a 12-month low of $92.14 and a 12-month high of $328.00. The company has a market cap of $6.57 billion, a PE ratio of 34.60, a price-to-earnings-growth ratio of 2.43 and a beta of 1.18. The stock has a 50-day moving average price of $210.94 and a 200-day moving average price of $230.72.

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

Powell Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, August 19th will be given a $0.09 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.36 dividend on an annualized basis and a yield of 0.2%. Powell Industries's payout ratio is presently 6.91%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on POWL shares. Weiss Ratings downgraded shares of Powell Industries from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, August 19th. Glj Research raised shares of Powell Industries from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Finally, Cantor Fitzgerald decreased their target price on shares of Powell Industries from $320.00 to $235.00 and set a "neutral" rating on the stock in a report on Friday, August 14th. 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $215.42.

Powell Industries Company Profile

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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