Powell Industries, Inc. (NASDAQ:POWL – Get Rating) announced a quarterly dividend on Tuesday, May 3rd, Zacks reports. Shareholders of record on Wednesday, May 18th will be given a dividend of 0.26 per share by the industrial products company on Wednesday, June 15th. This represents a $1.04 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Tuesday, May 17th.
Powell Industries has a dividend payout ratio of 155.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
NASDAQ:POWL opened at $25.43 on Friday. The firm has a fifty day simple moving average of $20.98 and a two-hundred day simple moving average of $24.73. Powell Industries has a 12 month low of $18.81 and a 12 month high of $37.15.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG lifted its position in shares of Powell Industries by 417.0% during the third quarter. UBS Group AG now owns 2,073 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 1,672 shares in the last quarter. Metropolitan Life Insurance Co NY bought a new position in shares of Powell Industries during the fourth quarter valued at about $73,000. MetLife Investment Management LLC bought a new position in shares of Powell Industries during the fourth quarter valued at about $98,000. Royal Bank of Canada lifted its position in shares of Powell Industries by 27.6% during the third quarter. Royal Bank of Canada now owns 6,156 shares of the industrial products company’s stock valued at $152,000 after purchasing an additional 1,333 shares in the last quarter. Finally, Millennium Management LLC bought a new position in shares of Powell Industries during the second quarter valued at about $204,000. 88.31% of the stock is currently owned by institutional investors.
A number of brokerages have recently issued reports on POWL. Sidoti upgraded shares of Powell Industries from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday, March 29th. StockNews.com upgraded shares of Powell Industries from a “hold” rating to a “buy” rating in a report on Monday, May 9th.
About Powell Industries (Get Rating)
Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems for the distribution, control, and monitoring of electrical energy. 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, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.
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