Bank of New York Mellon Corp Acquires 505 Shares of Powell Industries, Inc. $POWL

Bank of New York Mellon Corp raised its stake in Powell Industries, Inc. (NASDAQ:POWL) by 0.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 78,317 shares of the industrial products company’s stock after acquiring an additional 505 shares during the period. Bank of New York Mellon Corp owned approximately 0.65% of Powell Industries worth $16,482,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of POWL. Victory Capital Management Inc. grew its holdings in Powell Industries by 12.8% during the 1st quarter. Victory Capital Management Inc. now owns 52,333 shares of the industrial products company’s stock valued at $8,914,000 after buying an additional 5,928 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Powell Industries by 48.3% in the 1st quarter. Private Advisor Group LLC now owns 3,319 shares of the industrial products company’s stock valued at $565,000 after acquiring an additional 1,081 shares during the last quarter. Peterson Wealth Services purchased a new position in Powell Industries in the first quarter worth about $608,000. GW&K Investment Management LLC bought a new stake in shares of Powell Industries in the 1st quarter valued at approximately $27,984,000. Finally, HighPoint Advisor Group LLC boosted its holdings in shares of Powell Industries by 12.5% in the 1st quarter. HighPoint Advisor Group LLC now owns 1,768 shares of the industrial products company’s stock worth $329,000 after purchasing an additional 197 shares during the period. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Insider Buying and Selling

In other news, Director John Birchall sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $260.03, for a total value of $780,090.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael William Metcalf sold 3,200 shares of the business’s stock in a transaction 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 transaction, the executive vice president owned 25,700 shares of the company’s stock, valued at $7,677,618. This represents a 11.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Powell Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, Powell Industries currently has an average rating of “Buy” and an average price target of $312.00.

Powell Industries Price Performance

Shares of POWL stock opened at $317.81 on Tuesday. The stock’s 50-day moving average is $329.02 and its 200 day moving average is $255.23. Powell Industries, Inc. has a 1-year low of $146.02 and a 1-year high of $413.00. The company has a market cap of $3.84 billion, a P/E ratio of 22.07, a PEG ratio of 1.95 and a beta of 0.81.

Powell Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Wednesday, November 19th will be issued a $0.2675 dividend. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, November 19th. Powell Industries’s dividend payout ratio (DPR) is currently 7.43%.

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.