Powell Industries (NASDAQ:POWL) Sets New 12-Month High – Here’s What Happened

Powell Industries, Inc. (NASDAQ:POWL)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $238.01 and last traded at $237.5510, with a volume of 1772 shares trading hands. The stock had previously closed at $232.81.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on POWL. Glj Research assumed coverage on shares of Powell Industries in a report on Thursday, March 5th. They set a “hold” rating and a $150.00 price objective on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Powell Industries in a research note on Monday, December 29th. Cantor Fitzgerald raised their price target on shares of Powell Industries from $142.33 to $160.33 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Wall Street Zen downgraded Powell Industries from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, Texas Capital upgraded Powell Industries to a “strong-buy” rating in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Powell Industries has an average rating of “Buy” and a consensus price target of $142.33.

Powell Industries Trading Up 0.1%

The company has a 50-day simple moving average of $187.29 and a 200 day simple moving average of $142.80. The firm has a market cap of $8.49 billion, a PE ratio of 45.42, a price-to-earnings-growth ratio of 2.99 and a beta of 0.81.

Powell Industries (NASDAQ:POWL) last posted its earnings results on Tuesday, February 3rd. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.18. The firm had revenue of $251.18 million during the quarter, compared to analysts’ expectations of $255.34 million. Powell Industries had a net margin of 16.82% and a return on equity of 30.64%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. On average, equities analysts expect that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, February 18th were issued a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, February 18th. This represents a $0.36 dividend on an annualized basis and a yield of 0.2%. Powell Industries’s dividend payout ratio is presently 7.02%.

Insiders Place Their Bets

In other news, Treasurer David L. Eckenrode sold 885 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $190.00, for a total value of $168,150.00. Following the completion of the sale, the treasurer directly owned 1,329 shares in the company, valued at $252,510. The trade was a 39.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brett Alan Cope sold 4,440 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $233.96, for a total value of $1,038,782.40. Following the transaction, the chief executive officer owned 164,851 shares in the company, valued at $38,568,539.96. This trade represents a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 248,688 shares of company stock worth $44,535,053. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Powell Industries

Several large investors have recently bought and sold shares of POWL. Truist Financial Corp lifted its holdings in Powell Industries by 42.9% in the 3rd quarter. Truist Financial Corp now owns 15,041 shares of the industrial products company’s stock valued at $4,585,000 after purchasing an additional 4,519 shares in the last quarter. Tema Etfs LLC boosted its position in Powell Industries by 281.6% during the third quarter. Tema Etfs LLC now owns 53,170 shares of the industrial products company’s stock worth $16,207,000 after acquiring an additional 39,238 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in Powell Industries by 6.5% during the 3rd quarter. Stephens Investment Management Group LLC now owns 89,669 shares of the industrial products company’s stock valued at $27,332,000 after acquiring an additional 5,455 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Powell Industries by 32.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 56,620 shares of the industrial products company’s stock valued at $17,961,000 after acquiring an additional 14,013 shares during the last quarter. Finally, Littlejohn Financial Services Inc. acquired a new position in Powell Industries during the third quarter worth $1,078,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Powell Industries Company Profile

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.