Powell Industries (NASDAQ:POWL) Shares Down 10.9% – Here’s What Happened

Powell Industries, Inc. (NASDAQ:POWL)’s share price traded down 10.9% during mid-day trading on Thursday. The company traded as low as $153.79 and last traded at $151.6920. 145,140 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 719,609 shares. The stock had previously closed at $170.32.

Analyst Upgrades and Downgrades

POWL has been the subject of several research reports. Weiss Ratings lowered shares of Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Cantor Fitzgerald reiterated a “neutral” rating and set a $235.00 price objective on shares of Powell Industries in a research note on Thursday, October 1st. Glj Research raised shares of Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. decreased their target price on Powell Industries from $300.00 to $250.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $187.92.

Powell Industries Trading Up 0.2%

The stock has a market capitalization of $5.50 billion, a P/E ratio of 28.97, a P/E/G ratio of 1.57 and a beta of 1.17. The company’s 50-day moving average is $183.64 and its two-hundred day moving average is $231.43.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings data on Monday, August 3rd. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.07). The business had revenue of $311.74 million during the quarter, compared to the consensus estimate of $316.70 million. Powell Industries had a return on equity of 27.51% and a net margin of 16.49%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company earned $3.96 earnings per share. Sell-side analysts expect that Powell Industries, Inc. will post 5.36 EPS for the current fiscal year.

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, August 19th were given a $0.09 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.36 annualized dividend and a yield of 0.2%. Powell Industries’s payout ratio is 6.91%.

Insider Transactions at Powell Industries

In other Powell Industries news, VP Marshall Jr sold 301 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total transaction of $56,488.67. Following the completion of the sale, the vice president directly owned 10,552 shares of the company’s stock, valued at approximately $1,980,293.84. This represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brett Cope sold 4,799 shares of the firm’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total value of $900,628.33. Following the completion of the sale, the chief executive officer directly owned 507,934 shares of the company’s stock, valued at approximately $95,323,973.78. This trade represents a 0.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 5,800 shares of company stock valued at $1,074,115 over the last three months. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Powell Industries

Several institutional investors and hedge funds have recently modified their holdings of POWL. Private Advisory Group LLC acquired a new position in shares of Powell Industries during the 2nd quarter worth approximately $14,158,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Powell Industries during the second quarter worth $2,623,000. NewEdge Advisors LLC boosted its position in Powell Industries by 146.0% during the second quarter. NewEdge Advisors LLC now owns 26,941 shares of the industrial products company’s stock worth $7,715,000 after purchasing an additional 15,990 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Powell Industries by 229.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 81,723 shares of the industrial products company’s stock worth $23,402,000 after purchasing an additional 56,901 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of Powell Industries by 222.3% in the second quarter. Tidal Investments LLC now owns 282,483 shares of the industrial products company’s stock valued at $80,892,000 after purchasing an additional 194,840 shares during the last quarter. Institutional investors and hedge funds own 89.77% of the company’s stock.

About Powell Industries

Powell Industries, Inc is a Houston-based manufacturer of custom-engineered electrical equipment and systems used to control, distribute and monitor electrical power. The company serves industrial and utility customers that require equipment designed for demanding operating environments, including facilities with high-voltage, hazardous or highly regulated applications.

Its product portfolio includes medium- and high-voltage metal-clad switchgear, motor control centers, electrical houses and enclosures, control panels, switchboards, bus systems and related protection and control equipment.