Truist Financial Corp Has $2.21 Million Stock Holdings in Powell Industries, Inc. $POWL

Truist Financial Corp boosted its holdings in Powell Industries, Inc. (NASDAQ:POWL) by 69.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,522 shares of the industrial products company’s stock after purchasing an additional 4,329 shares during the quarter. Truist Financial Corp owned 0.09% of Powell Industries worth $2,214,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in Powell Industries by 93.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,838 shares of the industrial products company’s stock worth $675,000 after purchasing an additional 1,858 shares in the last quarter. Principal Financial Group Inc. raised its stake in Powell Industries by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 55,568 shares of the industrial products company’s stock worth $9,465,000 after purchasing an additional 1,509 shares in the last quarter. Vontobel Holding Ltd. raised its stake in Powell Industries by 11.4% in the 1st quarter. Vontobel Holding Ltd. now owns 1,337 shares of the industrial products company’s stock worth $228,000 after purchasing an additional 137 shares in the last quarter. GAMMA Investing LLC raised its stake in Powell Industries by 29.8% in the 1st quarter. GAMMA Investing LLC now owns 601 shares of the industrial products company’s stock worth $102,000 after purchasing an additional 138 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Powell Industries by 17.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,938 shares of the industrial products company’s stock worth $330,000 after purchasing an additional 292 shares in the last quarter. Institutional investors and hedge funds own 89.77% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Powell Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $312.00.

Powell Industries Trading Down 2.7%

Shares of NASDAQ:POWL opened at $301.06 on Friday. The firm has a 50 day moving average of $277.41 and a 200-day moving average of $221.01. The stock has a market capitalization of $3.63 billion, a PE ratio of 20.91, a PEG ratio of 1.48 and a beta of 0.82. Powell Industries, Inc. has a 12 month low of $146.02 and a 12 month high of $364.98.

Powell Industries (NASDAQ:POWL) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $3.96 EPS for the quarter, beating the consensus estimate of $3.73 by $0.23. The company had revenue of $286.27 million during the quarter, compared to analysts’ expectations of $301.69 million. Powell Industries had a net margin of 16.22% and a return on equity of 33.16%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.79 EPS. On average, research analysts predict that Powell Industries, Inc. will post 13.71 EPS for the current fiscal year.

Powell Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th were issued a dividend of $0.2675 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.07 annualized dividend and a dividend yield of 0.4%. Powell Industries’s payout ratio is 7.43%.

Insider Activity at Powell Industries

In related news, EVP Michael William Metcalf sold 3,200 shares of Powell Industries stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $298.74, for a total transaction of $955,968.00. Following the sale, the executive vice president directly owned 25,700 shares of the company’s stock, valued at approximately $7,677,618. The trade was a 11.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Birchall sold 3,000 shares of Powell Industries stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $260.03, for a total transaction of $780,090.00. Following the sale, the director directly owned 6,700 shares in the company, valued at $1,742,201. This trade represents a 30.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

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.