Hodges Capital Management Inc. Buys New Stake in Powell Industries, Inc. $POWL

Hodges Capital Management Inc. purchased a new stake in Powell Industries, Inc. (NASDAQ:POWL) during the second quarter, according to its most recent filing with the SEC. The fund purchased 48,330 shares of the industrial products company’s stock, valued at approximately $10,171,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. New Vernon Capital Holdings II LLC purchased a new position in shares of Powell Industries during the first quarter valued at about $34,554,000. GW&K Investment Management LLC purchased a new stake in shares of Powell Industries in the first quarter worth about $27,984,000. RPG Investment Advisory LLC lifted its position in shares of Powell Industries by 342.4% in the first quarter. RPG Investment Advisory LLC now owns 154,126 shares of the industrial products company’s stock worth $26,252,000 after buying an additional 119,289 shares in the last quarter. HITE Hedge Asset Management LLC bought a new position in Powell Industries during the first quarter valued at approximately $16,405,000. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Powell Industries by 137.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 134,946 shares of the industrial products company’s stock valued at $22,985,000 after buying an additional 78,163 shares in the last quarter. Institutional investors own 89.77% of the company’s stock.

Powell Industries Trading Down 2.6%

POWL opened at $365.36 on Monday. The stock has a 50-day moving average of $319.61 and a 200 day moving average of $248.52. Powell Industries, Inc. has a 12 month low of $146.02 and a 12 month high of $413.00. The firm has a market cap of $4.41 billion, a P/E ratio of 25.37, a P/E/G ratio of 1.95 and a beta of 0.81.

Powell Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Wednesday, November 19th will be given a dividend of $0.2675 per share. The ex-dividend date of this dividend is Wednesday, November 19th. This represents a $1.07 annualized dividend and a dividend yield of 0.3%. Powell Industries’s payout ratio is currently 7.43%.

Insider Buying and Selling at Powell Industries

In related news, EVP Michael William Metcalf sold 3,200 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $298.74, for a total value of $955,968.00. Following the completion of the sale, the executive vice president directly owned 25,700 shares in the company, valued at $7,677,618. This trade represents a 11.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Birchall sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $260.03, for a total transaction of $780,090.00. Following the transaction, the director owned 6,700 shares in the company, valued at $1,742,201. This trade represents a 30.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Powell Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, Powell Industries presently has a consensus rating of “Buy” and an average price target of $312.00.

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.