Cibc World Market Inc. Acquires Shares of 27,082 Powell Industries, Inc. $POWL

Cibc World Market Inc. bought a new position in shares of Powell Industries, Inc. (NASDAQ:POWL) in the second quarter, Holdings Channel reports. The firm bought 27,082 shares of the industrial products company’s stock, valued at approximately $7,755,000.

Other large investors also recently made changes to their positions in the company. Greenline Wealth Management LLC bought a new position in shares of Powell Industries in the 4th quarter worth $29,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Powell Industries by 183.8% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 68 shares during the period. Allworth Financial LP bought a new stake in Powell Industries in the second quarter valued at about $33,000. State of Wyoming bought a new stake in Powell Industries in the second quarter valued at about $33,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Powell Industries in the second quarter valued at about $34,000. Institutional investors and hedge funds own 89.77% of the company’s stock.

Powell Industries Trading Up 0.6%

POWL stock opened at $190.19 on Wednesday. The stock has a 50-day moving average price of $235.21 and a two-hundred day moving average price of $231.39. Powell Industries, Inc. has a 1 year low of $83.85 and a 1 year high of $328.00. The stock has a market cap of $6.93 billion, a PE ratio of 36.50, a price-to-earnings-growth ratio of 2.52 and a beta of 1.18.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings results on Monday, August 3rd. The industrial products company reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.07). The firm had revenue of $311.74 million during the quarter, compared to the consensus estimate of $316.70 million. Powell Industries had a net margin of 16.49% and a return on equity of 27.51%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.96 earnings per share. On average, analysts forecast that Powell Industries, Inc. will post 5.36 earnings per share for the current fiscal year.

Powell Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, August 19th will be paid a $0.09 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.36 annualized dividend and a yield of 0.2%. Powell Industries’s payout ratio is presently 6.91%.

Insiders Place Their Bets

In other news, EVP Michael William Metcalf sold 4,500 shares of Powell Industries stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $284.64, for a total value of $1,280,880.00. Following the sale, the executive vice president directly owned 78,900 shares in the company, valued at $22,458,096. This trade represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Thomas W. Powell sold 33,958 shares of the business’s stock in a transaction on Thursday, June 25th. The stock was 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 directly owned 564,736 shares in the company, valued at approximately $166,309,104.64. This represents a 5.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,898 shares of company stock valued at $12,353,653 in the last quarter. 2.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

POWL has been the topic of a number of recent analyst reports. Glj Research upgraded Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings downgraded shares of Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. JPMorgan Chase & Co. increased their price target on shares of Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research lowered shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Cantor Fitzgerald decreased their price objective on shares of Powell Industries from $320.00 to $235.00 and set a “neutral” rating for the company in a report on Friday, August 14th. Two 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $215.42.

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.