Powell Industries (NASDAQ:POWL) Shares Gap Up on Better-Than-Expected Earnings

Powell Industries, Inc. (NASDAQ:POWL - Get Free Report)'s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $143.00, but opened at $183.00. Powell Industries shares last traded at $177.32, with a volume of 323,899 shares trading hands.

The industrial products company reported $2.75 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.86. Powell Industries had a net margin of 10.10% and a return on equity of 22.30%. The company had revenue of $255.10 million for the quarter, compared to analysts' expectations of $201.45 million. During the same quarter in the previous year, the business posted $0.70 earnings per share. Powell Industries's quarterly revenue was up 48.8% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Powell Industries from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 1st.

Insider Buying and Selling at Powell Industries

In other Powell Industries news, major shareholder Thomas W. Powell sold 6,000 shares of the business's stock in a transaction on Monday, February 12th. The shares were sold at an average price of $151.36, for a total transaction of $908,160.00. Following the transaction, the insider now owns 714,643 shares in the company, valued at $108,168,364.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Powell Industries news, major shareholder Thomas W. Powell sold 6,000 shares of the business's stock in a transaction on Monday, February 12th. The shares were sold at an average price of $151.36, for a total transaction of $908,160.00. Following the transaction, the insider now owns 714,643 shares in the company, valued at $108,168,364.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Thomas W. Powell sold 10,000 shares of the business's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $167.46, for a total transaction of $1,674,600.00. Following the transaction, the insider now owns 1,703,628 shares in the company, valued at approximately $285,289,544.88. The disclosure for this sale can be found here. Insiders have sold 30,000 shares of company stock worth $4,850,830 over the last quarter. Insiders own 2.20% of the company's stock.

Institutional Trading of Powell Industries

A number of large investors have recently made changes to their positions in POWL. SG Americas Securities LLC purchased a new stake in shares of Powell Industries during the third quarter valued at $442,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Powell Industries during the third quarter valued at $652,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Powell Industries during the third quarter valued at $137,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Powell Industries by 9.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 380,177 shares of the industrial products company's stock valued at $31,517,000 after purchasing an additional 31,989 shares during the period. Finally, Advisor Partners II LLC purchased a new stake in shares of Powell Industries during the third quarter valued at $241,000. 89.77% of the stock is owned by hedge funds and other institutional investors.

Powell Industries Stock Up 18.9 %

The stock has a market capitalization of $2.04 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79. The stock's 50 day moving average price is $147.80 and its 200-day moving average price is $111.79.

Powell Industries Company Profile

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company's principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.