Powell Industries (NASDAQ:POWL) Shares Gap Up After Earnings Beat

Shares of Powell Industries, Inc. (NASDAQ:POWL) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $143.00, but opened at $183.00. Powell Industries shares last traded at $177.32, with a volume of 323,899 shares trading hands.

The industrial products company reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.86. The business had revenue of $255.10 million for the quarter, compared to the consensus estimate of $201.45 million. Powell Industries had a net margin of 10.10% and a return on equity of 22.30%. The business’s revenue was up 48.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Powell Industries from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 1st.

Insider Transactions at Powell Industries

In related news, Director Christopher E. Cragg sold 9,000 shares of Powell Industries stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $155.13, for a total value of $1,396,170.00. Following the completion of the transaction, the director now owns 12,360 shares in the company, valued at $1,917,406.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Thomas W. Powell sold 10,000 shares of Powell Industries stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $167.46, for a total value of $1,674,600.00. Following the completion of the transaction, the insider now owns 1,703,628 shares in the company, valued at approximately $285,289,544.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher E. Cragg sold 9,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $155.13, for a total value of $1,396,170.00. Following the transaction, the director now directly owns 12,360 shares of the company’s stock, valued at $1,917,406.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,000 shares of company stock valued at $4,850,830. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in shares of Powell Industries by 164.0% in the 1st quarter. BNP Paribas Financial Markets now owns 11,425 shares of the industrial products company’s stock valued at $1,626,000 after purchasing an additional 7,098 shares in the last quarter. Commonwealth Equity Services LLC acquired a new stake in Powell Industries in the first quarter valued at $1,628,000. Triasima Portfolio Management inc. purchased a new stake in Powell Industries during the 1st quarter worth about $230,000. New York State Teachers Retirement System increased its holdings in shares of Powell Industries by 1.2% in the 1st quarter. New York State Teachers Retirement System now owns 8,208 shares of the industrial products company’s stock valued at $1,168,000 after acquiring an additional 100 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Powell Industries by 148.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,810 shares of the industrial products company’s stock worth $1,538,000 after purchasing an additional 6,465 shares during the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Stock Up 18.9 %

The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 26.69, a P/E/G ratio of 1.42 and a beta of 0.79. The stock has a fifty day moving average of $147.80 and a 200-day moving average of $111.79.

Powell Industries Company Profile

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company's principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.