Principal Financial Group Inc. Sells 28,477 Shares of Powell Industries, Inc. $POWL

Principal Financial Group Inc. lowered its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 38.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,532 shares of the industrial products company’s stock after selling 28,477 shares during the quarter. Principal Financial Group Inc. owned about 0.38% of Powell Industries worth $13,879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Elevation Point Wealth Partners LLC purchased a new position in shares of Powell Industries during the 2nd quarter worth approximately $33,000. State of Wyoming bought a new stake in shares of Powell Industries during the second quarter valued at approximately $33,000. Manchester Capital Management LLC grew its stake in Powell Industries by 42.9% in the second quarter. Manchester Capital Management LLC now owns 200 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 60 shares during the period. Virtus Advisers LLC bought a new position in Powell Industries in the second quarter worth $46,000. Finally, Morgan Dempsey Capital Management LLC purchased a new position in Powell Industries during the second quarter valued at $52,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Powell Industries

In other news, VP William Marshall Mauney, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $331.73, for a total transaction of $995,190.00. Following the sale, the vice president owned 4,451 shares of the company’s stock, valued at $1,476,530.23. This trade represents a 40.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.20% of the company’s stock.

Powell Industries Trading Up 1.5%

POWL stock opened at $570.26 on Wednesday. The stock’s 50 day simple moving average is $390.94 and its 200 day simple moving average is $332.86. Powell Industries, Inc. has a 12-month low of $146.02 and a 12-month high of $593.76. The stock has a market capitalization of $6.92 billion, a PE ratio of 37.05, a price-to-earnings-growth ratio of 2.56 and a beta of 0.85.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings results on Tuesday, February 3rd. The industrial products company reported $3.40 earnings per share for the quarter, topping the consensus estimate of $2.85 by $0.55. The firm had revenue of $251.18 million during the quarter, compared to analysts’ expectations of $255.34 million. Powell Industries had a return on equity of 30.64% and a net margin of 16.82%.The company’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.86 earnings per share. On average, research analysts predict that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 18th will be given a $0.27 dividend. This is a positive change from Powell Industries’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, February 18th. This represents a $1.08 dividend on an annualized basis and a yield of 0.2%. Powell Industries’s payout ratio is presently 6.95%.

Analyst Upgrades and Downgrades

POWL has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Powell Industries in a research report on Monday, December 29th. Roth Mkm reissued a “buy” rating and set a $350.00 price objective on shares of Powell Industries in a research note on Wednesday, November 19th. Cantor Fitzgerald raised their target price on shares of Powell Industries from $427.00 to $481.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. Finally, Wall Street Zen lowered shares of Powell Industries from a “buy” rating to a “hold” rating in a report on Monday, January 19th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $415.50.

Powell Industries 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.