Powell Industries (NASDAQ:POWL) Shares Up 10% – Here’s What Happened

Powell Industries, Inc. (NASDAQ:POWL)’s stock price rose 10% during trading on Friday . The stock traded as high as $348.00 and last traded at $350.6250. Approximately 78,487 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 154,390 shares. The stock had previously closed at $318.78.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on POWL. Roth Capital reaffirmed a “buy” rating and set a $350.00 price target on shares of Powell Industries in a report on Wednesday, November 19th. Wall Street Zen upgraded Powell Industries from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Powell Industries in a report on Monday. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $350.00.

Powell Industries Price Performance

The business’s 50-day moving average price is $341.05 and its 200-day moving average price is $287.45. The firm has a market capitalization of $4.20 billion, a PE ratio of 23.47, a price-to-earnings-growth ratio of 1.49 and a beta of 0.86.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings results on Tuesday, November 18th. The industrial products company reported $4.22 EPS for the quarter, beating the consensus estimate of $3.76 by $0.46. Powell Industries had a net margin of 16.37% and a return on equity of 31.80%. The firm had revenue of $297.98 million during the quarter, compared to the consensus estimate of $292.85 million. During the same quarter in the prior year, the firm earned $3.77 EPS. Powell Industries’s revenue for the quarter was up 8.3% on a year-over-year basis. Equities analysts forecast that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Wednesday, November 19th were given a $0.2675 dividend. This represents a $1.07 annualized dividend and a yield of 0.3%. The ex-dividend date was Wednesday, November 19th. Powell Industries’s payout ratio is 7.21%.

Insiders Place Their Bets

In other Powell Industries news, VP William Marshall Mauney, Jr. sold 3,000 shares of Powell Industries stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $331.73, for a total value of $995,190.00. Following the transaction, the vice president directly owned 4,451 shares in the company, valued at approximately $1,476,530.23. This trade represents a 40.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Powell Industries

Several hedge funds have recently modified their holdings of the stock. AlphaQuest LLC increased its stake in Powell Industries by 472.0% in the 1st quarter. AlphaQuest LLC now owns 429 shares of the industrial products company’s stock valued at $73,000 after buying an additional 354 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Powell Industries during the first quarter worth about $146,000. Comerica Bank raised its holdings in Powell Industries by 10.3% during the first quarter. Comerica Bank now owns 6,552 shares of the industrial products company’s stock worth $1,116,000 after purchasing an additional 613 shares in the last quarter. Royal Bank of Canada lifted its position in Powell Industries by 1.5% in the first quarter. Royal Bank of Canada now owns 30,830 shares of the industrial products company’s stock valued at $5,251,000 after purchasing an additional 461 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Powell Industries by 32.6% in the first quarter. Advisors Asset Management Inc. now owns 1,179 shares of the industrial products company’s stock valued at $201,000 after purchasing an additional 290 shares during the period. 89.77% of the stock is owned by institutional investors and hedge funds.

Powell Industries Company Profile

Powell Industries, Inc is an industrial electrical engineering company specializing in the design, manufacture and integration of customized power control and distribution solutions. The firm’s offerings range from medium‐voltage switchgear and power control centers to bus duct, motor control centers and specialty transformers. Powell also provides automation systems, protective relaying, metering, supervisory control and data acquisition (SCADA) platforms, and turnkey engineering services to help clients manage critical power infrastructure.

Serving the oil and gas, petrochemical, refining, utility, mining and industrial sectors, Powell’s products are engineered to meet demanding performance, safety and reliability requirements.