California State Teachers Retirement System Purchases 9,659,965 Shares of Powell Industries, Inc. $POWL

California State Teachers Retirement System raised its position in shares of Powell Industries, Inc. (NASDAQ:POWL) by 85,706.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 9,671,236 shares of the industrial products company’s stock after purchasing an additional 9,659,965 shares during the period. California State Teachers Retirement System owned 0.27% of Powell Industries worth $2,769,455,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Greenline Wealth Management LLC bought a new stake in shares of Powell Industries during the 4th quarter valued at $29,000. MassMutual Private Wealth & Trust FSB boosted its holdings in 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 period. Allworth Financial LP bought a new position in Powell Industries in the 2nd quarter worth $33,000. State of Wyoming purchased a new stake in Powell Industries in the 2nd quarter worth $33,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Powell Industries in the 2nd quarter worth $34,000. 89.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Powell Industries news, EVP Michael Metcalf sold 4,500 shares of Powell Industries stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the sale, the executive vice president owned 78,900 shares of the company’s stock, valued at $22,458,096. The trade was a 5.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Thomas W. Powell sold 33,958 shares of Powell Industries stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $294.49, for a total value of $10,000,291.42. Following the transaction, the insider owned 564,736 shares in the company, valued at approximately $166,309,104.64. The trade was a 5.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 42,898 shares of company stock valued at $12,353,653. 2.20% of the stock is owned by company insiders.

Powell Industries Price Performance

Powell Industries stock opened at $176.89 on Friday. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 33.95, a PEG ratio of 2.40 and a beta of 1.18. The business has a fifty day moving average price of $209.55 and a 200-day moving average price of $230.68. Powell Industries, Inc. has a 1-year low of $92.30 and a 1-year high of $328.00.

Powell Industries (NASDAQ:POWL) last issued its 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). Powell Industries had a return on equity of 27.51% and a net margin of 16.49%.The firm had revenue of $311.74 million during the quarter, compared to analysts’ expectations of $316.70 million. During the same quarter last year, the business earned $3.96 EPS. The business’s revenue was up 8.9% on a year-over-year basis. On average, equities research analysts anticipate that Powell Industries, Inc. will post 5.36 earnings per share for the current fiscal year.

Powell Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, August 19th will be given a $0.09 dividend. The ex-dividend date 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 6.91%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings lowered shares of Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Finally, Cantor Fitzgerald reduced their price objective on Powell Industries from $320.00 to $235.00 and set a “neutral” rating on the stock in a research note on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.42.

Powell Industries Company Profile

Powell Industries, Inc designs, manufactures and services equipment and systems used to control, monitor and distribute electrical power. Its offerings include medium- and low-voltage switchgear, motor control centers, power control rooms, modular power systems, circuit breakers, bus systems, protective relays and related automation and control solutions.

The company provides engineered electrical systems for industrial and infrastructure applications, including oil and gas, petrochemical, chemical, utility, mining, transportation and other heavy industries.