Granite Investment Partners LLC Sells 12,620 Shares of Powell Industries, Inc. $POWL

Granite Investment Partners LLC reduced its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 36.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,909 shares of the industrial products company’s stock after selling 12,620 shares during the quarter. Granite Investment Partners LLC owned 0.06% of Powell Industries worth $11,855,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in POWL. Greenline Wealth Management LLC bought a new stake in shares of Powell Industries in the 4th quarter worth about $29,000. Avanza Fonder AB bought a new position in Powell Industries during the 4th quarter valued at about $30,000. State of Wyoming bought a new position in Powell Industries during the 2nd quarter valued at about $33,000. Steward Partners Investment Advisory LLC boosted its position in Powell Industries by 126.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock valued at $36,000 after buying an additional 63 shares in the last quarter. Finally, First Horizon Corp bought a new stake in Powell Industries during the fourth quarter worth about $40,000. 89.77% of the stock is owned by institutional investors.

Powell Industries Trading Down 0.9%

POWL opened at $231.85 on Thursday. Powell Industries, Inc. has a 1-year low of $68.33 and a 1-year high of $328.00. The stock has a market capitalization of $8.45 billion, a PE ratio of 45.37, a PEG ratio of 3.06 and a beta of 1.13. The firm has a 50-day moving average price of $284.59 and a two-hundred day moving average price of $210.69.

Powell Industries (NASDAQ:POWL) last announced its earnings results on Monday, May 4th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.09). Powell Industries had a return on equity of 28.61% and a net margin of 16.51%.The company had revenue of $296.62 million for the quarter, compared to analyst estimates of $298.12 million. During the same quarter in the previous year, the company posted $3.81 earnings per share. Powell Industries’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts predict that Powell Industries, Inc. will post 5.47 EPS for the current year.

Powell Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, May 20th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.2%. The ex-dividend date was Wednesday, May 20th. Powell Industries’s payout ratio is 7.05%.

Analyst Upgrades and Downgrades

POWL has been the subject of several recent analyst reports. Texas Capital raised shares of Powell Industries to a “strong-buy” rating in a report on Friday, March 27th. Weiss Ratings upgraded Powell Industries from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. increased their price target on Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research cut Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Finally, Cantor Fitzgerald boosted their price objective on Powell Industries from $160.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $236.67.

Insider Activity

In other Powell Industries news, EVP Michael William Metcalf sold 4,500 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the transaction, the executive vice president owned 78,900 shares of the company’s stock, valued at approximately $22,458,096. This represents a 5.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brett Alan Cope sold 4,440 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $301.00, for a total value of $1,336,440.00. Following the completion of the transaction, the chief executive officer owned 490,113 shares in the company, valued at $147,524,013. The trade was a 0.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 50,648 shares of company stock worth $14,997,584. 2.20% of the stock is owned by company insiders.

About Powell Industries

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.