Powell Industries, Inc. (NASDAQ:POWL) shares shot up 8.4% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $37.74 and last traded at $37.60, 114,375 shares changed hands during mid-day trading. An increase of 224% from the average session volume of 35,350 shares. The stock had previously closed at $34.68.
The industrial products company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.24. Powell Industries had a return on equity of 0.24% and a net margin of 0.02%. The company had revenue of $135.60 million during the quarter, compared to analysts’ expectations of $132.31 million. During the same period in the prior year, the firm earned $0.03 earnings per share. Powell Industries’s revenue for the quarter was up 11.1% compared to the same quarter last year.
Several brokerages recently commented on POWL. CJS Securities raised Powell Industries from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 9th. BidaskClub raised Powell Industries from a “sell” rating to a “hold” rating in a research report on Friday, July 26th.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of Powell Industries by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 70,770 shares of the industrial products company’s stock valued at $1,770,000 after buying an additional 383 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Powell Industries by 346.0% in the first quarter. BNP Paribas Arbitrage SA now owns 1,851 shares of the industrial products company’s stock valued at $49,000 after buying an additional 1,436 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Powell Industries in the fourth quarter valued at approximately $40,000. FNY Investment Advisers LLC acquired a new stake in shares of Powell Industries in the first quarter valued at approximately $57,000. Finally, Swiss National Bank lifted its position in shares of Powell Industries by 13.6% in the second quarter. Swiss National Bank now owns 18,400 shares of the industrial products company’s stock valued at $699,000 after buying an additional 2,200 shares during the last quarter. 64.13% of the stock is owned by institutional investors.
The firm has a market capitalization of $420.51 million, a P/E ratio of 606.67 and a beta of 1.21. The company’s 50-day moving average is $36.94.
Powell Industries Company Profile (NASDAQ:POWL)
Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems for the distribution, control, and monitoring of electrical energy. 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, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.
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