Polar Asset Management Partners Inc. Invests $2.39 Million in Powell Industries, Inc. (NASDAQ:POWL)

Polar Asset Management Partners Inc. acquired a new stake in Powell Industries, Inc. (NASDAQ:POWL) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,764 shares of the industrial products company’s stock, valued at approximately $2,390,000. Polar Asset Management Partners Inc. owned 0.09% of Powell Industries at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in Powell Industries in the 3rd quarter valued at $30,000. Quest Partners LLC purchased a new stake in shares of Powell Industries in the third quarter worth $35,000. GAMMA Investing LLC boosted its stake in Powell Industries by 38.2% during the second quarter. GAMMA Investing LLC now owns 286 shares of the industrial products company’s stock valued at $41,000 after buying an additional 79 shares during the period. Farther Finance Advisors LLC grew its position in Powell Industries by 110.5% during the third quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company’s stock worth $44,000 after buying an additional 105 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in Powell Industries in the 2nd quarter worth about $47,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Stock Down 2.2 %

NASDAQ POWL opened at $285.24 on Friday. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 1.37 and a beta of 0.85. The company has a 50-day simple moving average of $272.75 and a two-hundred day simple moving average of $201.97. Powell Industries, Inc. has a 12-month low of $75.05 and a 12-month high of $364.98.

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries’s payout ratio is 8.62%.

Analyst Ratings Changes

Separately, StockNews.com downgraded Powell Industries from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd.

Insider Transactions at Powell Industries

In related news, major shareholder Thomas W. Powell sold 2,451 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $262.10, for a total transaction of $642,407.10. Following the completion of the transaction, the insider now owns 1,628,328 shares in the company, valued at $426,784,768.80. This represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 60,000 shares of company stock worth $14,679,842. 2.20% of the stock is currently owned by insiders.

Powell Industries Profile

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.