The Manufacturers Life Insurance Company Sells 245 Shares of Powell Industries, Inc. (NASDAQ:POWL)

The Manufacturers Life Insurance Company lessened its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 4.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,049 shares of the industrial products company’s stock after selling 245 shares during the period. The Manufacturers Life Insurance Company’s holdings in Powell Industries were worth $1,121,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD purchased a new stake in shares of Powell Industries in the 1st quarter worth $375,000. SG Americas Securities LLC purchased a new position in Powell Industries during the 2nd quarter valued at about $1,403,000. Diversified Trust Co raised its holdings in shares of Powell Industries by 8.7% in the 2nd quarter. Diversified Trust Co now owns 1,618 shares of the industrial products company’s stock valued at $232,000 after purchasing an additional 129 shares in the last quarter. Great Valley Advisor Group Inc. lifted its position in shares of Powell Industries by 171.3% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 8,120 shares of the industrial products company’s stock worth $1,165,000 after purchasing an additional 5,127 shares during the period. Finally, Raymond James & Associates boosted its stake in shares of Powell Industries by 39.3% during the second quarter. Raymond James & Associates now owns 17,891 shares of the industrial products company’s stock valued at $2,566,000 after purchasing an additional 5,052 shares in the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Insider Transactions at Powell Industries

In other Powell Industries news, major shareholder Thomas W. Powell sold 10,000 shares of Powell Industries stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $246.14, for a total transaction of $2,461,400.00. Following the completion of the sale, the insider now owns 1,658,328 shares of the company’s stock, valued at approximately $408,180,853.92. The trade was a 0.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 60,000 shares of company stock worth $14,679,842. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Roth Mkm began coverage on shares of Powell Industries in a research note on Wednesday. They issued a “buy” rating and a $312.00 price objective for the company. StockNews.com raised Powell Industries from a “hold” rating to a “buy” rating in a research report on Tuesday.

Powell Industries Stock Up 8.1 %

NASDAQ:POWL opened at $269.97 on Thursday. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 1.42 and a beta of 0.85. Powell Industries, Inc. has a 52 week low of $76.29 and a 52 week high of $364.98. The firm has a 50 day moving average of $277.28 and a 200 day moving average of $204.83.

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 0.39%. The ex-dividend date is Wednesday, November 20th. Powell Industries’s dividend payout ratio is presently 8.62%.

About Powell Industries

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.