Powell Industries, Inc. $POWL Holdings Boosted by Renaissance Technologies LLC

Renaissance Technologies LLC raised its position in shares of Powell Industries, Inc. (NASDAQ:POWL) by 229.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 34,694 shares of the industrial products company’s stock after acquiring an additional 24,160 shares during the period. Renaissance Technologies LLC’s holdings in Powell Industries were worth $18,772,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Greenline Wealth Management LLC acquired a new stake in shares of Powell Industries in the fourth quarter worth $29,000. Hollencrest Capital Management acquired a new position in Powell Industries during the first quarter valued at $54,000. Steward Partners Investment Advisory LLC lifted its stake 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 acquiring an additional 63 shares in the last quarter. First Horizon Corp purchased a new stake in Powell Industries in the 4th quarter worth about $40,000. Finally, Larson Financial Group LLC boosted its position in 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 acquiring an additional 128 shares during the period. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Insider Buying and Selling at Powell Industries

In related news, EVP Michael William Metcalf sold 4,500 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president directly owned 78,900 shares in the company, valued at approximately $22,458,096. This represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP William Marshall Mauney, Jr. sold 2,500 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $323.69, for a total value of $809,225.00. Following the completion of the transaction, the vice president directly owned 10,853 shares of the company’s stock, valued at approximately $3,513,007.57. This trade represents a 18.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 55,088 shares of company stock valued at $16,070,066 in the last three months. Company insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on POWL. Weiss Ratings cut Powell Industries from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Cantor Fitzgerald increased their price target on shares of Powell Industries from $160.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on shares of Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Zacks Research downgraded shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Finally, Glj Research upgraded shares of Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Powell Industries has a consensus rating of “Buy” and a consensus target price of $236.67.

Powell Industries Price Performance

Shares of NASDAQ POWL opened at $209.30 on Friday. The business’s 50-day moving average price is $265.41 and its two-hundred day moving average price is $223.52. Powell Industries, Inc. has a one year low of $69.00 and a one year high of $328.00. The company has a market capitalization of $7.62 billion, a P/E ratio of 40.96, a price-to-earnings-growth ratio of 2.43 and a beta of 1.13.

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

Powell Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio is currently 7.05%.

About Powell Industries

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.