Jennison Associates LLC Takes Position in Powell Industries, Inc. $POWL

Jennison Associates LLC bought a new stake in Powell Industries, Inc. (NASDAQ:POWL) in the 1st quarter, Holdings Channel.com reports. The fund bought 25,594 shares of the industrial products company’s stock, valued at approximately $13,848,000.

Several other large investors have also recently added to or reduced their stakes in the business. Greenline Wealth Management LLC acquired a new stake in Powell Industries in the 4th quarter worth about $29,000. Avanza Fonder AB purchased a new position in shares of Powell Industries during the 4th quarter worth about $30,000. State of Wyoming purchased a new position in shares of Powell Industries during the 2nd quarter worth about $33,000. Steward Partners Investment Advisory LLC boosted its position in shares of Powell Industries by 126.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 63 shares during the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Powell Industries in the fourth quarter worth approximately $40,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

POWL has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research lowered shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Weiss Ratings cut shares of Powell Industries from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Cantor Fitzgerald boosted their price objective on shares of Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, Texas Capital upgraded Powell Industries to a “strong-buy” rating in a report on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $236.67.

Powell Industries Stock Performance

Shares of NASDAQ:POWL opened at $244.39 on Wednesday. Powell Industries, Inc. has a 1 year low of $69.00 and a 1 year high of $328.00. The stock has a market capitalization of $8.90 billion, a P/E ratio of 47.83, a PEG ratio of 2.98 and a beta of 1.13. The stock has a 50-day simple moving average of $273.99 and a 200-day simple moving average of $218.55.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings results on Monday, May 4th. The industrial products company reported $1.25 EPS for the quarter, missing the consensus estimate 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 company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.81 EPS. Analysts predict that Powell Industries, Inc. will post 5.47 earnings per share for the current year.

Powell Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Wednesday, May 20th. Powell Industries’s dividend payout ratio (DPR) is currently 7.05%.

Insider Buying and Selling at Powell Industries

In related news, CEO Brett Alan Cope sold 4,440 shares of Powell Industries stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $241.55, for a total transaction of $1,072,482.00. Following the transaction, the chief executive officer owned 517,233 shares in the company, valued at approximately $124,937,631.15. The trade was a 0.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard E. Williams sold 5,250 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $299.19, for a total transaction of $1,570,747.50. Following the sale, the director directly owned 39,630 shares of the company’s stock, valued at approximately $11,856,899.70. This trade represents a 11.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 55,088 shares of company stock worth $16,070,066. Corporate insiders own 2.20% of the company’s stock.

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.