Portolan Capital Management LLC Reduces Stake in Powell Industries, Inc. $POWL

Portolan Capital Management LLC decreased its position in Powell Industries, Inc. (NASDAQ:POWL) by 13.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 148,245 shares of the industrial products company’s stock after selling 22,313 shares during the quarter. Powell Industries makes up 2.4% of Portolan Capital Management LLC’s portfolio, making the stock its 9th biggest position. Portolan Capital Management LLC’s holdings in Powell Industries were worth $45,187,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Truist Financial Corp grew its position in shares of Powell Industries by 42.9% in the 3rd quarter. Truist Financial Corp now owns 15,041 shares of the industrial products company’s stock worth $4,585,000 after buying an additional 4,519 shares during the period. Tema Etfs LLC lifted its position in Powell Industries by 281.6% during the 3rd quarter. Tema Etfs LLC now owns 53,170 shares of the industrial products company’s stock valued at $16,207,000 after acquiring an additional 39,238 shares during the period. Stephens Investment Management Group LLC lifted its position in Powell Industries by 6.5% during the 3rd quarter. Stephens Investment Management Group LLC now owns 89,669 shares of the industrial products company’s stock valued at $27,332,000 after acquiring an additional 5,455 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Powell Industries by 32.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 56,620 shares of the industrial products company’s stock worth $17,961,000 after acquiring an additional 14,013 shares in the last quarter. Finally, Littlejohn Financial Services Inc. bought a new stake in Powell Industries during the third quarter worth about $1,078,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Stock Performance

Shares of POWL stock opened at $502.71 on Friday. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of 32.66, a price-to-earnings-growth ratio of 2.30 and a beta of 0.82. Powell Industries, Inc. has a one year low of $152.89 and a one year high of $612.50. The company’s 50-day moving average is $483.80 and its 200 day moving average is $378.20.

Shares of Powell Industries are going to split on the morning of Monday, April 6th. The 3-1 split was recently announced. The newly minted shares will be issued to shareholders after the closing bell on Sunday, April 5th.

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

Powell Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors 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%. The ex-dividend date is Wednesday, February 18th. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. Powell Industries’s dividend payout ratio (DPR) is presently 7.02%.

Insider Activity

In other Powell Industries news, insider Ping Ni sold 70 shares of Powell Industries stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $590.00, for a total value of $41,300.00. Following the completion of the sale, the insider owned 2,023 shares of the company’s stock, valued at approximately $1,193,570. This trade represents a 3.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Thomas W. Powell sold 14,911 shares of Powell Industries stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $600.92, for a total value of $8,960,318.12. Following the completion of the sale, the insider directly owned 652,069 shares of the company’s stock, valued at approximately $391,841,303.48. The trade was a 2.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,158 shares of company stock valued at $17,160,352 in the last quarter. Insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Powell Industries

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.