Allspring Global Investments Holdings LLC Buys 1,858 Shares of Powell Industries, Inc. (NASDAQ:POWL)

Allspring Global Investments Holdings LLC increased its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 93.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,838 shares of the industrial products company’s stock after buying an additional 1,858 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Powell Industries were worth $675,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Sei Investments Co. grew its stake in Powell Industries by 3.1% in the 4th quarter. Sei Investments Co. now owns 2,849 shares of the industrial products company’s stock valued at $631,000 after purchasing an additional 85 shares during the period. Freedom Investment Management Inc. raised its stake in shares of Powell Industries by 3.7% during the 4th quarter. Freedom Investment Management Inc. now owns 2,421 shares of the industrial products company’s stock worth $537,000 after purchasing an additional 87 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Powell Industries by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 979 shares of the industrial products company’s stock worth $217,000 after buying an additional 90 shares during the last quarter. GeoWealth Management LLC grew its position in Powell Industries by 123.8% during the fourth quarter. GeoWealth Management LLC now owns 179 shares of the industrial products company’s stock valued at $40,000 after buying an additional 99 shares during the period. Finally, Swiss National Bank increased its holdings in Powell Industries by 0.5% during the fourth quarter. Swiss National Bank now owns 18,800 shares of the industrial products company’s stock worth $4,167,000 after buying an additional 100 shares during the last quarter. Institutional investors own 89.77% of the company’s stock.

Insider Activity

In other news, CEO Brett Alan Cope sold 6,775 shares of Powell Industries stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $210.55, for a total value of $1,426,476.25. Following the completion of the transaction, the chief executive officer owned 147,471 shares in the company, valued at $31,050,019.05. This trade represents a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael William Metcalf sold 3,921 shares of the business’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $210.55, for a total transaction of $825,566.55. Following the completion of the sale, the executive vice president directly owned 28,900 shares in the company, valued at approximately $6,084,895. This trade represents a 11.95% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 17,308 shares of company stock valued at $3,574,755. 2.20% of the stock is currently owned by insiders.

Powell Industries Stock Performance

Shares of POWL stock opened at $211.91 on Thursday. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 14.89, a P/E/G ratio of 1.09 and a beta of 0.77. Powell Industries, Inc. has a 52 week low of $127.01 and a 52 week high of $364.98. The firm’s 50-day simple moving average is $188.47 and its two-hundred day simple moving average is $197.78.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings data on Tuesday, May 6th. The industrial products company reported $3.81 EPS for the quarter, beating the consensus estimate of $3.34 by $0.47. Powell Industries had a return on equity of 35.43% and a net margin of 16.00%. The business had revenue of $278.63 million for the quarter, compared to the consensus estimate of $282.68 million. During the same quarter in the prior year, the business earned $2.75 earnings per share. Powell Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. Analysts forecast that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st were paid a dividend of $0.2675 per share. The ex-dividend date was Wednesday, May 21st. This represents a $1.07 annualized dividend and a dividend yield of 0.50%. Powell Industries’s payout ratio is 7.52%.

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.