Powell Industries, Inc. $POWL Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,294 shares of the industrial products company’s stock after selling 2,908 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.14% of Powell Industries worth $28,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in POWL. Greenline Wealth Management LLC acquired a new stake in Powell Industries in the 4th quarter worth approximately $29,000. Avanza Fonder AB purchased a new position in shares of Powell Industries in the fourth quarter worth $30,000. State of Wyoming acquired a new stake in shares of Powell Industries during the second quarter worth $33,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Powell Industries by 126.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock worth $36,000 after buying an additional 63 shares during the period. Finally, First Horizon Corp purchased a new stake in shares of Powell Industries during the fourth quarter valued at $40,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Powell Industries Trading Down 1.9%

Shares of POWL opened at $228.28 on Tuesday. Powell Industries, Inc. has a 12 month low of $69.00 and a 12 month high of $328.00. The stock’s 50 day moving average is $275.27 and its two-hundred day moving average is $217.57. The firm has a market cap of $8.32 billion, a P/E ratio of 44.67, a PEG ratio of 3.04 and a beta of 1.13.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings data on Monday, May 4th. The industrial products company reported $1.25 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.09). The business had revenue of $296.62 million during the quarter, compared to analysts’ expectations of $298.12 million. Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $3.81 earnings per share. Equities research analysts forecast that Powell Industries, Inc. will post 5.47 EPS for the current year.

Powell Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio is presently 7.05%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on POWL. Zacks Research downgraded Powell Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Cantor Fitzgerald lifted their price target on Powell Industries from $160.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Glj Research upgraded Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Texas Capital raised Powell Industries to a “strong-buy” rating in a report on Friday, March 27th. Finally, Weiss Ratings cut Powell Industries from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $236.67.

Insiders Place Their Bets

In other news, CEO Brett Alan Cope sold 4,440 shares of Powell Industries stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $241.55, for a total value of $1,072,482.00. Following the sale, the chief executive officer directly owned 517,233 shares of the company’s stock, valued at $124,937,631.15. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP William Marshall Mauney, Jr. sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $323.69, for a total value of $809,225.00. Following the sale, the vice president owned 10,853 shares of the company’s stock, valued at $3,513,007.57. The trade was a 18.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 55,088 shares of company stock valued at $16,070,066. 2.20% of the stock is owned by corporate insiders.

Powell Industries Company Profile

Powell Industries, Inc is an industrial electrical engineering company specializing in the design, manufacture and integration of customized power control and distribution solutions. The firm’s offerings range from medium‐voltage switchgear and power control centers to bus duct, motor control centers and specialty transformers. Powell also provides automation systems, protective relaying, metering, supervisory control and data acquisition (SCADA) platforms, and turnkey engineering services to help clients manage critical power infrastructure.

Serving the oil and gas, petrochemical, refining, utility, mining and industrial sectors, Powell’s products are engineered to meet demanding performance, safety and reliability requirements.