Powell Industries (NASDAQ:POWL) Shares Down 13.4% – Here’s What Happened

Shares of Powell Industries, Inc. (NASDAQ:POWL) fell 13.4% on Wednesday. The company traded as low as $141.06 and last traded at $141.50. Approximately 461,245 shares changed hands during trading, a decline of 36% from the average daily volume of 718,238 shares. The stock had previously closed at $163.34.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Weiss Ratings cut Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $235.00 price objective on shares of Powell Industries in a report on Thursday, October 1st. JPMorgan Chase & Co. lowered their price objective on Powell Industries from $300.00 to $250.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 13th. Finally, Glj Research upgraded Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $187.92.

Powell Industries Trading Down 12.3%

The business’s fifty day moving average price is $178.50 and its 200 day moving average price is $212.21. The company has a market capitalization of $5.22 billion, a P/E ratio of 27.60, a P/E/G ratio of 1.60 and a beta of 1.25.

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

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, November 18th will be paid a dividend of $0.09 per share. The ex-dividend date is Wednesday, November 18th. This represents a $0.36 dividend on an annualized basis and a yield of 0.3%. Powell Industries’s dividend payout ratio (DPR) is currently 6.91%.

Insiders Place Their Bets

In other Powell Industries news, insider Ping Ni sold 700 shares of Powell Industries stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $167.14, for a total transaction of $116,998.00. Following the sale, the insider directly owned 5,339 shares of the company’s stock, valued at approximately $892,360.46. The trade was a 11.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett Cope sold 4,799 shares of Powell Industries stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total value of $900,628.33. Following the sale, the chief executive officer directly owned 507,934 shares in the company, valued at $95,323,973.78. The trade was a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 5,800 shares of company stock worth $1,074,115 over the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Powell Industries

A number of large investors have recently bought and sold shares of the stock. USA Financial Formulas bought a new position in shares of Powell Industries during the first quarter valued at $43,000. Hollencrest Capital Management acquired a new stake in shares of Powell Industries in the 1st quarter valued at $54,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Powell Industries by 183.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 68 shares during the last quarter. Allworth Financial LP bought a new stake in shares of Powell Industries in the 2nd quarter worth about $33,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Powell Industries in the 2nd quarter worth about $34,000. 89.77% of the stock is currently owned by institutional investors.

Powell Industries Company Profile

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.