Sumitomo Mitsui Trust Group Inc. Purchases New Shares in Powell Industries, Inc. (NASDAQ:POWL)

Sumitomo Mitsui Trust Group Inc. purchased a new position in Powell Industries, Inc. (NASDAQ:POWL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,590 shares of the industrial products company’s stock, valued at approximately $575,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in Powell Industries during the third quarter worth about $30,000. GAMMA Investing LLC grew its holdings in shares of Powell Industries by 38.2% in the second quarter. GAMMA Investing LLC now owns 286 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 79 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Powell Industries by 110.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 105 shares during the period. Picton Mahoney Asset Management purchased a new stake in shares of Powell Industries during the 2nd quarter worth $47,000. Finally, Quarry LP acquired a new position in shares of Powell Industries during the 2nd quarter worth about $48,000. 89.77% of the stock is currently owned by institutional investors and hedge funds.

Powell Industries Stock Performance

Powell Industries stock opened at $312.40 on Wednesday. Powell Industries, Inc. has a one year low of $75.05 and a one year high of $364.98. The company has a market cap of $3.75 billion, a P/E ratio of 29.22, a price-to-earnings-growth ratio of 1.60 and a beta of 0.86. The business has a fifty day moving average of $253.74 and a two-hundred day moving average of $193.54.

Powell Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries’s payout ratio is currently 9.92%.

Insiders Place Their Bets

In other Powell Industries news, major shareholder Thomas W. Powell sold 5,000 shares of Powell Industries stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $347.74, for a total value of $1,738,700.00. Following the completion of the sale, the insider now owns 677,265 shares in the company, valued at $235,512,131.10. The trade was a 0.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James W. Mcgill sold 6,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $185.84, for a total transaction of $1,226,544.00. Following the transaction, the director now directly owns 9,660 shares of the company’s stock, valued at $1,795,214.40. This trade represents a 40.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,600 shares of company stock valued at $15,906,386. Corporate insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com raised Powell Industries from a “hold” rating to a “buy” rating in a research report on Friday, November 15th.

About Powell Industries

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.