Bank of New York Mellon Corp Purchases Shares of 210,886 Powell Industries, Inc. $POWL

Bank of New York Mellon Corp acquired a new stake in shares of Powell Industries, Inc. (NASDAQ:POWL) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 210,886 shares of the industrial products company’s stock, valued at approximately $60,389,000.

Other institutional investors have also recently made changes to their positions in the company. Greenline Wealth Management LLC bought a new stake in Powell Industries in the fourth quarter worth $29,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Powell Industries by 183.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company’s stock worth $30,000 after buying an additional 68 shares during the last quarter. State of Wyoming purchased a new stake in shares of Powell Industries during the 2nd quarter valued at about $33,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Powell Industries by 126.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 63 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Powell Industries by 12,800.0% in the 4th quarter. Larson Financial Group LLC now owns 129 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Insider Activity

In other Powell Industries news, major shareholder Thomas W. Powell sold 33,958 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $294.49, for a total value of $10,000,291.42. Following the completion of the transaction, the insider owned 564,736 shares of the company’s stock, valued at approximately $166,309,104.64. This trade represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Brett Alan Cope sold 4,440 shares of Powell Industries stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $241.55, for a total transaction of $1,072,482.00. Following the sale, the chief executive officer owned 517,233 shares of the company’s stock, valued at $124,937,631.15. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 42,898 shares of company stock worth $12,353,653. Insiders own 2.20% of the company’s stock.

Powell Industries Stock Up 0.8%

Shares of NASDAQ:POWL opened at $191.75 on Thursday. The firm has a 50 day moving average of $233.16 and a 200 day moving average of $231.47. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 36.80, a price-to-earnings-growth ratio of 2.53 and a beta of 1.18. Powell Industries, Inc. has a 52 week low of $83.85 and a 52 week high of $328.00.

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

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio is presently 6.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald lowered their target price 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. JPMorgan Chase & Co. upped their price target on shares of Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Glj Research raised shares of Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Weiss Ratings lowered Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. Finally, Zacks Research downgraded Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.