Powell Industries (NASDAQ:POWL) Major Shareholder Thomas Powell Sells 33,958 Shares of Stock

Powell Industries, Inc. (NASDAQ:POWL) major shareholder Thomas Powell sold 33,958 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $294.49, for a total transaction of $10,000,291.42. Following the completion of the sale, the insider owned 564,736 shares of the company’s stock, valued at approximately $166,309,104.64. This represents a 5.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Powell Industries Trading Down 9.5%

Shares of POWL traded down $29.43 during mid-day trading on Friday, hitting $279.77. The company’s stock had a trading volume of 3,521,661 shares, compared to its average volume of 764,257. The company’s 50-day moving average is $282.11 and its 200-day moving average is $201.53. Powell Industries, Inc. has a 52-week low of $67.44 and a 52-week high of $328.00. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of 54.75, a PEG ratio of 3.85 and a beta of 1.11.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings data on Monday, May 4th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.09). The business had revenue of $296.62 million for the quarter, compared to analysts’ expectations of $298.12 million. Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.81 earnings per share. As a group, sell-side analysts predict that Powell Industries, Inc. will post 5.47 earnings per share for the current fiscal year.

Powell Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend was Wednesday, May 20th. Powell Industries’s payout ratio is presently 7.05%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Glj Research began coverage on shares of Powell Industries in a research report on Thursday, March 5th. They set a “hold” rating and a $150.00 price target for the company. Wall Street Zen cut shares of Powell Industries from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Cantor Fitzgerald raised their price target on shares of Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Finally, Weiss Ratings raised shares of Powell Industries from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $236.67.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Greenline Wealth Management LLC purchased a new stake in Powell Industries in the fourth quarter valued at about $29,000. Avanza Fonder AB acquired a new position in shares of Powell Industries during the fourth quarter valued at about $30,000. State of Wyoming acquired a new position in shares of Powell Industries during the second quarter valued at about $33,000. Steward Partners Investment Advisory LLC raised its position in shares of Powell Industries by 126.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 63 shares during the last quarter. Finally, First Horizon Corp purchased a new position in shares of Powell Industries in the 4th quarter valued at approximately $40,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

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.