Envestnet Asset Management Inc. Increases Stock Position in Powell Industries, Inc. (NASDAQ:POWL)

Envestnet Asset Management Inc. raised its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 29.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,178 shares of the industrial products company’s stock after purchasing an additional 15,770 shares during the period. Envestnet Asset Management Inc. owned 0.57% of Powell Industries worth $11,783,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in Powell Industries by 93.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,838 shares of the industrial products company’s stock valued at $675,000 after purchasing an additional 1,858 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Powell Industries by 2.8% during the first quarter. Principal Financial Group Inc. now owns 55,568 shares of the industrial products company’s stock valued at $9,465,000 after purchasing an additional 1,509 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Powell Industries by 11.4% in the first quarter. Vontobel Holding Ltd. now owns 1,337 shares of the industrial products company’s stock worth $228,000 after buying an additional 137 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Powell Industries by 29.8% in the first quarter. GAMMA Investing LLC now owns 601 shares of the industrial products company’s stock worth $102,000 after buying an additional 138 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Powell Industries by 17.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,938 shares of the industrial products company’s stock worth $330,000 after buying an additional 292 shares in the last quarter. 89.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Powell Industries

In other news, EVP Michael William Metcalf sold 3,921 shares of the firm’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 value of $825,566.55. Following the completion of the transaction, the executive vice president owned 28,900 shares of the company’s stock, valued at approximately $6,084,895. This trade represents a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brett Alan Cope sold 6,775 shares of Powell Industries stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $210.55, for a total transaction of $1,426,476.25. Following the completion of the transaction, the chief executive officer owned 147,471 shares of the company’s stock, valued at $31,050,019.05. This represents a 4.39% 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. Insiders own 2.20% of the company’s stock.

Powell Industries Trading Down 3.5%

NASDAQ:POWL opened at $228.25 on Friday. The company’s 50-day moving average price is $193.18 and its 200-day moving average price is $197.06. The company has a market cap of $2.75 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.15 and a beta of 0.77. Powell Industries, Inc. has a twelve month low of $127.41 and a twelve month high of $364.98.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings data on Tuesday, May 6th. The industrial products company reported $3.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.47. Powell Industries had a net margin of 16.00% and a return on equity of 35.43%. The firm had revenue of $278.63 million during the quarter, compared to analysts’ expectations of $282.68 million. During the same period last year, the business earned $2.75 earnings per share. Powell Industries’s revenue was up 9.2% compared to the same quarter last year. On average, analysts expect that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st were paid a $0.2675 dividend. This represents a $1.07 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Wednesday, May 21st. Powell Industries’s payout ratio is 7.52%.

Powell Industries 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.