Powell Industries (NASDAQ:POWL) Shares Down 6.6% – Here’s What Happened
by Mitch Edgeman · The Markets DailyPowell Industries, Inc. (NASDAQ:POWL – Get Free Report)’s share price dropped 6.6% during trading on Wednesday. The company traded as low as $192.51 and last traded at $191.2790. Approximately 84,076 shares were traded during mid-day trading, a decline of 88% from the average session volume of 717,263 shares. The stock had previously closed at $204.69.
Analyst Upgrades and Downgrades
POWL has been the subject of a number of recent analyst reports. Glj Research raised shares of Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $235.00 price target on shares of Powell Industries in a research note on Thursday, October 1st. Finally, Weiss Ratings cut Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $215.42.
View Our Latest Stock Report on Powell Industries
Powell Industries Price Performance
The business has a 50-day moving average of $192.44 and a two-hundred day moving average of $232.68. The company has a market cap of $6.90 billion, a P/E ratio of 36.33, a P/E/G ratio of 2.06 and a beta of 1.17.
Powell Industries (NASDAQ:POWL – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.07). The firm had revenue of $311.74 million during the quarter, compared to analysts’ expectations of $316.70 million. Powell Industries had a return on equity of 27.51% and a net margin of 16.49%.Powell Industries’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.96 earnings per share. Equities analysts anticipate that Powell Industries, Inc. will post 5.36 EPS for the current fiscal year.
Powell Industries Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th were issued a dividend of $0.09 per share. The ex-dividend date was Wednesday, August 19th. This represents a $0.36 annualized dividend and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio is 6.91%.
Insider Activity at Powell Industries
In related news, CEO Brett Cope sold 4,799 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total transaction of $900,628.33. Following the completion of the transaction, the chief executive officer directly owned 507,934 shares in the company, valued at $95,323,973.78. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP William Marshall Mauney, Jr. sold 301 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total value of $56,488.67. Following the sale, the vice president owned 10,552 shares in the company, valued at $1,980,293.84. This trade represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.20% of the company’s stock.
Hedge Funds Weigh In On Powell Industries
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Advisory Group LLC purchased a new position in Powell Industries in the 2nd quarter valued at $14,158,000. NewEdge Advisors LLC boosted its stake in shares of Powell Industries by 146.0% during the 2nd quarter. NewEdge Advisors LLC now owns 26,941 shares of the industrial products company’s stock worth $7,715,000 after acquiring an additional 15,990 shares in the last quarter. Baird Financial Group Inc. increased its stake in Powell Industries by 209.9% in the 2nd quarter. Baird Financial Group Inc. now owns 199,087 shares of the industrial products company’s stock valued at $57,011,000 after purchasing an additional 134,837 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Powell Industries by 229.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 81,723 shares of the industrial products company’s stock worth $23,402,000 after purchasing an additional 56,901 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Powell Industries during the second quarter worth $2,623,000. Institutional investors and hedge funds own 89.77% of the company’s stock.
About Powell Industries
Powell Industries, Inc designs, manufactures and services equipment used to control, monitor and distribute electrical power. Its products include medium-voltage and low-voltage switchgear, motor control centers, electrical control panels, power-control rooms, bus systems and related protection and control equipment. The company also provides engineered electrical systems, field services, equipment modernization, installation support and commissioning services.
Powell serves customers in industries that require reliable and specialized electrical infrastructure, including oil and gas, petrochemical and chemical processing, utilities, mining, transportation, commercial facilities and renewable energy.