Granite Investment Partners LLC Sells 12,620 Shares of Powell Industries, Inc. $POWL

Granite Investment Partners LLC lowered its stake in Powell Industries, Inc. (NASDAQ:POWL) by 36.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,909 shares of the industrial products company’s stock after selling 12,620 shares during the quarter. Granite Investment Partners LLC’s holdings in Powell Industries were worth $11,855,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Greenline Wealth Management LLC acquired a new stake in shares of Powell Industries during the fourth quarter worth $29,000. Avanza Fonder AB bought a new stake in Powell Industries in the fourth quarter valued at about $30,000. State of Wyoming acquired a new position in Powell Industries in the second quarter valued at about $33,000. Steward Partners Investment Advisory LLC boosted its holdings in Powell Industries by 126.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock worth $36,000 after buying an additional 63 shares during the last quarter. Finally, First Horizon Corp bought a new position in Powell Industries during the fourth quarter worth about $40,000. 89.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Cantor Fitzgerald upped their price target on Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. upped their target price on shares of Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Zacks Research downgraded shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Texas Capital upgraded shares of Powell Industries to a “strong-buy” rating in a report on Friday, March 27th. Finally, Weiss Ratings raised shares of Powell Industries from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.67.

Powell Industries Price Performance

Shares of Powell Industries stock opened at $231.85 on Thursday. The company has a market capitalization of $8.45 billion, a P/E ratio of 45.37, a price-to-earnings-growth ratio of 3.06 and a beta of 1.13. The business has a 50-day moving average of $284.59 and a two-hundred day moving average of $210.69. Powell Industries, Inc. has a 1 year low of $68.33 and a 1 year high of $328.00.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings data on Monday, May 4th. The industrial products company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.09). Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. The business had revenue of $296.62 million for the quarter, compared to the consensus estimate of $298.12 million. During the same quarter last year, the firm earned $3.81 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities analysts anticipate that Powell Industries, Inc. will post 5.47 EPS for the current fiscal year.

Powell Industries Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.2%. The ex-dividend date was Wednesday, May 20th. Powell Industries’s dividend payout ratio (DPR) is 7.05%.

Insider Transactions at Powell Industries

In other news, major shareholder Thomas W. Powell sold 33,958 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $294.49, for a total transaction of $10,000,291.42. Following the completion of the sale, the insider owned 564,736 shares of the company’s stock, valued at $166,309,104.64. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard E. Williams sold 5,250 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $299.19, for a total transaction of $1,570,747.50. Following the sale, the director owned 39,630 shares in the company, valued at approximately $11,856,899.70. The trade was a 11.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 50,648 shares of company stock valued at $14,997,584. 2.20% of the stock is currently owned by insiders.

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.