Bessemer Group Inc. Acquires 11,211 Shares of Powell Industries, Inc. $POWL

Bessemer Group Inc. raised its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 15,570.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,283 shares of the industrial products company’s stock after buying an additional 11,211 shares during the quarter. Bessemer Group Inc.’s holdings in Powell Industries were worth $6,105,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Greenline Wealth Management LLC bought a new position in Powell Industries during the fourth quarter worth $29,000. Avanza Fonder AB bought a new stake in Powell Industries in the 4th quarter valued at $30,000. Steward Partners Investment Advisory LLC grew its position in Powell Industries by 126.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 63 shares during the last quarter. First Horizon Corp acquired a new stake in Powell Industries in the 4th quarter worth $40,000. Finally, Larson Financial Group LLC increased its holdings in shares of Powell Industries by 12,800.0% during the 4th quarter. Larson Financial Group LLC now owns 129 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 128 shares during the period. 89.77% of the stock is owned by institutional investors.

Powell Industries Stock Performance

Shares of POWL stock opened at $232.79 on Monday. The firm has a fifty day moving average of $277.14 and a 200-day moving average of $216.73. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 45.56, a P/E/G ratio of 3.04 and a beta of 1.13. Powell Industries, Inc. has a 52-week low of $69.00 and a 52-week high of $328.00.

Powell Industries (NASDAQ:POWL) last issued its earnings results on Monday, May 4th. The industrial products company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.09). The business had revenue of $296.62 million for the quarter, compared to analyst estimates of $298.12 million. Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. Powell Industries’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.81 earnings per share. On average, sell-side analysts predict that Powell Industries, Inc. will post 5.47 earnings per share for the current year.

Powell Industries Cuts Dividend

The business also recently disclosed 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. This represents a $0.36 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, May 20th. Powell Industries’s payout ratio is presently 7.05%.

Insider Activity at Powell Industries

In related news, major shareholder Thomas W. Powell sold 33,958 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $294.49, for a total transaction of $10,000,291.42. Following the completion of the transaction, the insider owned 564,736 shares in the company, valued at $166,309,104.64. This trade represents a 5.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael William Metcalf sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total value of $1,280,880.00. Following the transaction, the executive vice president owned 78,900 shares of the company’s stock, valued at $22,458,096. This trade represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 55,088 shares of company stock valued at $16,070,066. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Cantor Fitzgerald upped their price objective on shares of Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Zacks Research lowered Powell Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Weiss Ratings cut Powell Industries from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Texas Capital upgraded Powell Industries to a “strong-buy” rating in a research report on Friday, March 27th. Finally, JPMorgan Chase & Co. lifted their price objective on Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Powell Industries has an average rating of “Buy” and an average price target of $236.67.

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.