Powell Industries, Inc. $POWL Stock Acquired by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS grew its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 60.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,804 shares of the industrial products company’s stock after purchasing an additional 6,708 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Powell Industries were worth $3,284,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of POWL. Alps Advisors Inc. raised its position in Powell Industries by 47.3% in the 3rd quarter. Alps Advisors Inc. now owns 13,015 shares of the industrial products company’s stock valued at $2,401,000 after purchasing an additional 4,177 shares in the last quarter. Ashton Thomas Private Wealth LLC increased its stake in shares of Powell Industries by 16.8% during the third quarter. Ashton Thomas Private Wealth LLC now owns 4,675 shares of the industrial products company’s stock worth $862,000 after buying an additional 674 shares during the period. Kestra Advisory Services LLC acquired a new stake in Powell Industries in the third quarter valued at approximately $317,000. Focused Wealth Management Inc raised its holdings in Powell Industries by 22.0% in the third quarter. Focused Wealth Management Inc now owns 1,293 shares of the industrial products company’s stock valued at $238,000 after acquiring an additional 233 shares in the last quarter. Finally, Provenance Wealth Advisors LLC acquired a new stake in Powell Industries in the third quarter valued at approximately $326,000. 89.77% of the stock is currently owned by institutional investors and hedge funds.

Powell Industries Stock Performance

Shares of POWL stock opened at $133.12 on Monday. The company has a market capitalization of $4.85 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 1.38 and a beta of 1.25. The business’s 50 day moving average is $175.04 and its two-hundred day moving average is $212.12. Powell Industries, Inc. has a twelve month low of $92.59 and a twelve month high of $328.00.

Powell Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, November 18th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, November 18th. Powell Industries’s payout ratio is 6.91%.

Insider Transactions at Powell Industries

In other news, VP Marshall Jr sold 301 shares of the stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total transaction of $56,488.67. Following the completion of the transaction, the vice president directly owned 10,552 shares of the company’s stock, valued at approximately $1,980,293.84. This represents a 2.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Brett Cope sold 4,799 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total value of $900,628.33. Following the completion of the transaction, the chief executive officer owned 507,934 shares of the company’s stock, valued at $95,323,973.78. The trade was a 0.94% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 5,800 shares of company stock valued at $1,074,115. Corporate insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Powell Industries from $300.00 to $250.00 and set an “overweight” rating for the company in a research report on Tuesday, October 13th. Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings cut Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $235.00 target price on shares of Powell Industries in a research report on Thursday, October 1st. Two research 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 data from MarketBeat.com, Powell Industries currently has an average rating of “Moderate Buy” and a consensus price target of $187.92.

About Powell Industries

Powell Industries designs, manufactures and services custom-engineered electrical equipment and systems used to distribute, control and monitor electrical power. Its offerings include electrical switchgear, control rooms and integrated power-control systems for industrial and utility applications.

The company serves customers in industries such as oil and gas, petrochemicals, utilities, mining and transportation. Its equipment is used in facilities including power plants, refineries and other energy and industrial sites, in North America and international markets.

Founded in 1947 and headquartered in Houston, Texas, Powell Industries has a long history of supplying electrical infrastructure for demanding operating environments.