Candelo Capital Management LP Reduces Position in Powell Industries, Inc. $POWL

Candelo Capital Management LP decreased its position in shares of Powell Industries, Inc. (NASDAQ:POWL) by 51.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,583 shares of the industrial products company’s stock after selling 9,017 shares during the quarter. Powell Industries comprises 2.3% of Candelo Capital Management LP’s holdings, making the stock its 22nd biggest position. Candelo Capital Management LP’s holdings in Powell Industries were worth $2,616,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC acquired a new stake in shares of Powell Industries in the second quarter valued at approximately $33,000. State of Wyoming acquired a new position in shares of Powell Industries in the 2nd quarter valued at $33,000. Manchester Capital Management LLC raised its position in Powell Industries by 42.9% in the 2nd quarter. Manchester Capital Management LLC now owns 200 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 60 shares during the last quarter. Virtus Advisers LLC purchased a new stake in Powell Industries in the 2nd quarter valued at $46,000. Finally, Johnson Financial Group Inc. acquired a new stake in Powell Industries during the 3rd quarter worth $81,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Trading Down 2.1%

NASDAQ POWL opened at $502.71 on Friday. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 2.25 and a beta of 0.82. The business’s 50 day moving average is $483.80 and its two-hundred day moving average is $378.93. Powell Industries, Inc. has a 12-month low of $152.89 and a 12-month high of $612.50.

Powell Industries shares are going to split before the market opens on Monday, April 6th. The 3-1 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Sunday, April 5th.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings results on Tuesday, February 3rd. The industrial products company reported $3.40 EPS for the quarter, beating the consensus estimate of $2.85 by $0.55. Powell Industries had a return on equity of 30.64% and a net margin of 16.82%.The business had revenue of $251.18 million during the quarter, compared to analysts’ expectations of $255.34 million. During the same period last year, the firm earned $2.86 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities analysts forecast that Powell Industries, Inc. will post 13.71 earnings per share for the current fiscal year.

Powell Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 18th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.2%. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, February 18th. Powell Industries’s dividend payout ratio is 7.02%.

Insiders Place Their Bets

In other news, insider Ping Ni sold 70 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $590.00, for a total transaction of $41,300.00. Following the transaction, the insider directly owned 2,023 shares of the company’s stock, valued at $1,193,570. This represents a 3.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Thomas W. Powell sold 318 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $560.37, for a total transaction of $178,197.66. Following the completion of the transaction, the insider owned 650,472 shares of the company’s stock, valued at $364,504,994.64. This represents a 0.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,158 shares of company stock worth $17,160,352 in the last ninety days. 2.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on POWL. Glj Research assumed coverage on shares of Powell Industries in a research report on Thursday, March 5th. They set a “hold” rating and a $450.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Powell Industries in a report on Monday, December 29th. Cantor Fitzgerald increased their target price on shares of Powell Industries from $427.00 to $481.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Wall Street Zen lowered Powell Industries from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Finally, Roth Mkm restated a “buy” rating and issued a $350.00 price target on shares of Powell Industries in a research report on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $427.00.

Powell Industries 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.