6,708 Powell Industries, Inc. $POWL Shares Purchased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS boosted its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 60.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,804 shares of the industrial products company’s stock after buying an additional 6,708 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Powell Industries were worth $3,284,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Powell Industries during the 2nd quarter valued at approximately $1,033,376,000. Jupiter Topco LLC purchased a new position in Powell Industries in the 2nd quarter valued at approximately $93,845,000. Bank of New York Mellon Corp purchased a new position in Powell Industries in the 2nd quarter valued at approximately $60,389,000. Tidal Investments LLC increased its stake in Powell Industries by 222.3% in the 2nd quarter. Tidal Investments LLC now owns 282,483 shares of the industrial products company’s stock valued at $80,892,000 after purchasing an additional 194,840 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in Powell Industries during the second quarter worth $54,335,000. 89.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on POWL. Cantor Fitzgerald reiterated a “neutral” rating and set a $235.00 target price on shares of Powell Industries in a research report on Thursday, October 1st. Weiss Ratings cut Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. Glj Research upgraded Powell Industries from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. cut their price target on Powell Industries from $300.00 to $250.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Powell Industries presently has a consensus rating of “Moderate Buy” and an average target price of $187.92.

Powell Industries Price Performance

Powell Industries stock opened at $133.12 on Monday. The stock has a market capitalization of $4.85 billion, a P/E ratio of 25.55, a P/E/G ratio of 1.38 and a beta of 1.25. Powell Industries, Inc. has a 12-month low of $92.59 and a 12-month high of $328.00. The firm’s 50-day moving average is $175.04 and its two-hundred day moving average is $212.12.

Powell Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, November 18th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.3%. Powell Industries’s payout ratio is currently 6.91%.

Insider Buying and Selling at Powell Industries

In other Powell Industries news, CEO Brett Cope sold 4,799 shares of Powell Industries stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total value of $900,628.33. Following the completion of the sale, the chief executive officer owned 507,934 shares in the company, valued at $95,323,973.78. The trade was a 0.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Marshall Jr sold 301 shares of Powell Industries stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total transaction of $56,488.67. Following the completion of the transaction, the vice president owned 10,552 shares in the company, valued at approximately $1,980,293.84. This trade represents a 2.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 5,800 shares of company stock worth $1,074,115 in the last 90 days. 2.20% of the stock is owned by company insiders.

Powell Industries Company Profile

Powell Industries designs, manufactures and services custom-engineered electrical equipment and systems used to distribute, control and monitor electrical power. Its offerings include electrical switchgear, control rooms and integrated power-control systems for industrial and utility applications.

The company serves customers in industries such as oil and gas, petrochemicals, utilities, mining and transportation. Its equipment is used in facilities including power plants, refineries and other energy and industrial sites, in North America and international markets.

Founded in 1947 and headquartered in Houston, Texas, Powell Industries has a long history of supplying electrical infrastructure for demanding operating environments.