VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Powell Industries, Inc. $POWL

Key Points

• Virginia Retirement Systems initiated a 9,160-share position in Powell Industries during the second quarter, valued at approximately $2.6 million. Institutional investors collectively own 89.77% of the company.
• Powell Industries shares opened at $176.89, down 1.9%, and remain below their 50-day and 200-day moving averages. The company recently reported quarterly EPS of $1.42, below the $1.49 consensus estimate, while revenue rose 8.9% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $215.42. Powell also declared a quarterly dividend of $0.09 per share, representing a 0.2% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,160 shares of the industrial products company's stock, valued at approximately $2,623,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of POWL. Carlson Financial Inc. lifted its stake in shares of Powell Industries by 199.2% during the 2nd quarter. Carlson Financial Inc. now owns 1,978 shares of the industrial products company's stock worth $568,000 after acquiring an additional 1,317 shares during the last quarter. California State Teachers Retirement System grew its position in Powell Industries by 85,706.4% in the 2nd quarter. California State Teachers Retirement System now owns 9,671,236 shares of the industrial products company's stock valued at $2,769,455,000 after acquiring an additional 9,659,965 shares during the last quarter. Tanager Wealth Management LLP purchased a new stake in Powell Industries in the second quarter worth $290,000. HB Wealth Management LLC increased its stake in Powell Industries by 189.2% in the second quarter. HB Wealth Management LLC now owns 1,148 shares of the industrial products company's stock worth $329,000 after purchasing an additional 751 shares during the period. Finally, AlphaGrep UK Ltd bought a new stake in shares of Powell Industries during the second quarter worth $373,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Powell Industries Trading Down 1.9%

Shares of POWL stock opened at $176.89 on Friday. Powell Industries, Inc. has a twelve month low of $92.30 and a twelve month high of $328.00. The stock has a fifty day simple moving average of $209.55 and a two-hundred day simple moving average of $230.68. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 33.95, a P/E/G ratio of 2.40 and a beta of 1.18.

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

Powell Industries Announces Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports 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 decreased their price objective on shares of Powell Industries from $320.00 to $235.00 and set a "neutral" rating for the company in a report on Friday, August 14th. 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 analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Powell Industries presently has an average rating of "Moderate Buy" and a consensus price target of $215.42.

Insider Buying and Selling at Powell Industries

In other news, CEO Brett Cope sold 4,440 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $241.55, for a total transaction of $1,072,482.00. Following the transaction, the chief executive officer directly owned 517,233 shares in the company, valued at approximately $124,937,631.15. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Metcalf sold 4,500 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the transaction, the executive vice president owned 78,900 shares in the company, valued at approximately $22,458,096. This represents a 5.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 42,898 shares of company stock valued at $12,353,653. Company insiders own 2.20% of the company's stock.

Powell Industries Company Profile

Powell Industries, Inc designs, manufactures and services equipment and systems used to control, monitor and distribute electrical power. Its offerings include medium- and low-voltage switchgear, motor control centers, power control rooms, modular power systems, circuit breakers, bus systems, protective relays and related automation and control solutions.

The company provides engineered electrical systems for industrial and infrastructure applications, including oil and gas, petrochemical, chemical, utility, mining, transportation and other heavy industries.

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