Allspring Global Investments Holdings LLC Sells 1,795 Shares of Powell Industries, Inc. (NASDAQ:POWL)

Allspring Global Investments Holdings LLC lowered its position in shares of Powell Industries, Inc. (NASDAQ:POWL) by 24.7% in the fourth quarter, HoldingsChannel reports. The fund owned 5,469 shares of the industrial products company’s stock after selling 1,795 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Powell Industries were worth $483,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Covestor Ltd raised its position in shares of Powell Industries by 121.1% during the third quarter. Covestor Ltd now owns 796 shares of the industrial products company’s stock worth $66,000 after acquiring an additional 436 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Powell Industries during the third quarter worth $137,000. Private Trust Co. NA bought a new stake in Powell Industries in the fourth quarter valued at about $192,000. Hsbc Holdings PLC bought a new stake in Powell Industries in the third quarter valued at about $208,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in Powell Industries in the third quarter valued at about $218,000. Institutional investors own 89.77% of the company’s stock.

Powell Industries Trading Down 2.0 %

NASDAQ POWL opened at $146.31 on Friday. The stock has a 50-day simple moving average of $148.12 and a 200 day simple moving average of $110.14. The company has a market capitalization of $1.76 billion, a PE ratio of 22.97, a P/E/G ratio of 1.36 and a beta of 0.79. Powell Industries, Inc. has a 12 month low of $38.92 and a 12 month high of $197.87.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.98. Powell Industries had a return on equity of 22.30% and a net margin of 10.10%. The business had revenue of $194.00 million during the quarter, compared to the consensus estimate of $182.04 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The firm’s revenue was up 53.0% on a year-over-year basis. As a group, sell-side analysts predict that Powell Industries, Inc. will post 7.54 earnings per share for the current fiscal year.

Powell Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Wednesday, February 14th were issued a $0.262 dividend. The ex-dividend date was Tuesday, February 13th. This represents a $1.05 annualized dividend and a dividend yield of 0.72%. Powell Industries’s dividend payout ratio (DPR) is currently 16.64%.

Analyst Ratings Changes

Separately, StockNews.com downgraded Powell Industries from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 1st.

Insiders Place Their Bets

In other Powell Industries news, Director Christopher E. Cragg sold 9,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $155.13, for a total value of $1,396,170.00. Following the completion of the sale, the director now directly owns 12,360 shares in the company, valued at $1,917,406.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Christopher E. Cragg sold 9,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $155.13, for a total transaction of $1,396,170.00. Following the completion of the transaction, the director now directly owns 12,360 shares in the company, valued at $1,917,406.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Thomas W. Powell sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $167.46, for a total value of $1,674,600.00. Following the transaction, the insider now owns 1,703,628 shares of the company’s stock, valued at $285,289,544.88. The disclosure for this sale can be found here. Insiders sold 30,000 shares of company stock worth $4,850,830 over the last ninety days. 2.20% of the stock is currently owned by corporate insiders.

Powell Industries Company Profile

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. 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, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.