StockNews.com Downgrades Powell Industries (NASDAQ:POWL) to Hold

StockNews.com lowered shares of Powell Industries (NASDAQ:POWL) from a buy rating to a hold rating in a research note released on Saturday.

Powell Industries Stock Performance

Shares of Powell Industries stock opened at $271.63 on Friday. The business has a 50-day simple moving average of $262.79 and a 200-day simple moving average of $196.90. Powell Industries has a one year low of $75.05 and a one year high of $364.98. The company has a market cap of $3.26 billion, a PE ratio of 22.10, a P/E/G ratio of 1.47 and a beta of 0.86.

Powell Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 20th will be issued a $0.265 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 0.39%. Powell Industries’s payout ratio is 8.62%.

Insider Transactions at Powell Industries

In other news, major shareholder Thomas W. Powell sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $213.56, for a total transaction of $5,339,000.00. Following the sale, the insider now owns 682,265 shares of the company’s stock, valued at approximately $145,704,513.40. This trade represents a 3.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 60,000 shares of company stock valued at $14,679,842. 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 business. ProShare Advisors LLC purchased a new stake in shares of Powell Industries during the 1st quarter worth approximately $266,000. State Board of Administration of Florida Retirement System lifted its position in Powell Industries by 135.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 6,175 shares of the industrial products company’s stock valued at $879,000 after acquiring an additional 3,550 shares during the last quarter. Vanguard Group Inc. boosted its stake in Powell Industries by 2.7% in the first quarter. Vanguard Group Inc. now owns 656,428 shares of the industrial products company’s stock valued at $93,410,000 after acquiring an additional 17,177 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in Powell Industries in the first quarter valued at $329,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Powell Industries by 4.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 8,138 shares of the industrial products company’s stock worth $1,155,000 after purchasing an additional 310 shares during 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.