Powell Industries (NASDAQ:POWL) Trading Down 4.9% – Here’s Why

Powell Industries, Inc. (NASDAQ:POWL)’s stock price was down 4.9% during mid-day trading on Friday . The stock traded as low as $277.77 and last traded at $279.8970. Approximately 304,728 shares changed hands during trading, a decline of 10% from the average daily volume of 339,164 shares. The stock had previously closed at $294.35.

Analyst Ratings Changes

POWL has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Powell Industries in a research note on Wednesday. Roth Capital reiterated a “buy” rating and issued a $350.00 target price on shares of Powell Industries in a research report on Wednesday. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $331.00.

Powell Industries Stock Down 4.3%

The stock has a 50 day moving average of $330.12 and a 200 day moving average of $256.60. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 1.95 and a beta of 0.81.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings results on Tuesday, November 18th. The industrial products company reported $4.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.76 by $0.46. Powell Industries had a net margin of 16.22% and a return on equity of 33.16%. The firm had revenue of $297.98 million during the quarter, compared to analyst estimates of $292.85 million. During the same quarter last year, the business earned $3.77 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Powell Industries, Inc. will post 13.71 EPS for the current fiscal year.

Powell Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, November 19th will be issued a $0.2675 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $1.07 annualized dividend and a yield of 0.4%. Powell Industries’s payout ratio is presently 7.21%.

Insiders Place Their Bets

In other Powell Industries news, Director John Birchall sold 3,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $260.03, for a total transaction of $780,090.00. Following the completion of the sale, the director directly owned 6,700 shares in the company, valued at approximately $1,742,201. This trade represents a 30.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael William Metcalf sold 3,200 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $298.74, for a total value of $955,968.00. Following the completion of the transaction, the executive vice president directly owned 25,700 shares in the company, valued at $7,677,618. This represents a 11.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Powell Industries

Institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp grew its stake in shares of Powell Industries by 69.9% in the 2nd quarter. Truist Financial Corp now owns 10,522 shares of the industrial products company’s stock valued at $2,214,000 after buying an additional 4,329 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Powell Industries by 1,010.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 42,607 shares of the industrial products company’s stock valued at $8,949,000 after acquiring an additional 38,769 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Powell Industries during the second quarter worth approximately $3,182,000. Envestnet Asset Management Inc. lifted its holdings in shares of Powell Industries by 18.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 82,105 shares of the industrial products company’s stock worth $17,279,000 after purchasing an additional 12,927 shares in the last quarter. Finally, PFG Advisors lifted its holdings in shares of Powell Industries by 33.3% in the 2nd quarter. PFG Advisors now owns 4,364 shares of the industrial products company’s stock worth $918,000 after purchasing an additional 1,090 shares in the last quarter. 89.77% of the stock is owned by institutional investors and hedge funds.

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.