Powell Industries (NASDAQ:POWL) Trading Up 7% After Dividend Announcement

Powell Industries, Inc. (NASDAQ:POWL)’s share price was up 7% during trading on Wednesday following a dividend announcement from the company. The company traded as high as $250.03 and last traded at $249.46. Approximately 143,102 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 474,117 shares. The stock had previously closed at $233.14.

The newly announced dividend which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.2675 per share. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.43%. This is a boost from Powell Industries’s previous quarterly dividend of $0.27. Powell Industries’s payout ratio is currently 8.62%.

Analysts Set New Price Targets

A number of research analysts recently commented on POWL shares. Roth Mkm began coverage on Powell Industries in a report on Wednesday, December 11th. They issued a “buy” rating and a $312.00 price target for the company. StockNews.com downgraded shares of Powell Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Roth Capital raised shares of Powell Industries to a “strong-buy” rating in a report on Tuesday, December 10th.

Powell Industries Price Performance

The firm has a market capitalization of $2.97 billion, a P/E ratio of 20.14, a PEG ratio of 1.25 and a beta of 0.87. The firm’s fifty day moving average price is $250.48 and its 200-day moving average price is $229.03.

Insider Buying and Selling

In related news, major shareholder Thomas W. Powell sold 5,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $347.74, for a total value of $1,738,700.00. Following the completion of the transaction, the insider now owns 677,265 shares in the company, valued at $235,512,131.10. This trade represents a 0.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Powell Industries

Several hedge funds and other institutional investors have recently modified their holdings of POWL. Proficio Capital Partners LLC purchased a new position in Powell Industries during the fourth quarter valued at approximately $3,095,000. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Powell Industries during the 4th quarter valued at $332,000. Cable Hill Partners LLC acquired a new position in shares of Powell Industries in the fourth quarter worth $223,000. Los Angeles Capital Management LLC raised its holdings in shares of Powell Industries by 2.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 13,809 shares of the industrial products company’s stock worth $3,061,000 after acquiring an additional 283 shares in the last quarter. Finally, RPG Investment Advisory LLC acquired a new stake in Powell Industries during the fourth quarter valued at $7,722,000. Institutional investors and hedge funds own 89.77% of the company’s stock.

About Powell Industries

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.