Legal & General Group Plc Purchases New Holdings in Powell Industries, Inc. $POWL

Legal & General Group Plc acquired a new position in Powell Industries, Inc. (NASDAQ:POWL) during the 2nd quarter, HoldingsChannel reports. The fund acquired 67,590 shares of the industrial products company’s stock, valued at approximately $19,355,000.

Several other large investors also recently bought and sold shares of POWL. BlackRock Inc. purchased a new stake in shares of Powell Industries during the second quarter worth approximately $1,033,376,000. Northwestern Mutual Wealth Management Co. boosted its stake in Powell Industries by 1,230,312.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 775,160 shares of the industrial products company’s stock worth $247,106,000 after purchasing an additional 775,097 shares during the last quarter. Vanguard Group Inc. boosted its stake in Powell Industries by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 706,642 shares of the industrial products company’s stock worth $225,263,000 after purchasing an additional 6,419 shares during the last quarter. State Street Corp grew its holdings in shares of Powell Industries by 0.9% during the second quarter. State Street Corp now owns 352,103 shares of the industrial products company’s stock worth $74,100,000 after buying an additional 3,159 shares in the last quarter. Finally, Voss Capital LP grew its holdings in shares of Powell Industries by 18.6% during the fourth quarter. Voss Capital LP now owns 350,000 shares of the industrial products company’s stock worth $111,573,000 after buying an additional 55,000 shares in the last quarter. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Powell Industries Price Performance

Powell Industries stock opened at $182.71 on Friday. The firm has a 50 day simple moving average of $228.78 and a 200-day simple moving average of $231.11. The stock has a market cap of $6.66 billion, a price-to-earnings ratio of 35.07, a price-to-earnings-growth ratio of 2.43 and a beta of 1.18. Powell Industries, Inc. has a 1-year low of $83.85 and a 1-year high of $328.00.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings data on Monday, August 3rd. The industrial products company reported $1.42 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 analyst estimates of $316.70 million. Powell Industries had a net margin of 16.49% and a return on equity of 27.51%. The company’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.96 earnings per share. Equities analysts expect that Powell Industries, Inc. will post 5.36 earnings per share for the current fiscal year.

Powell Industries Announces Dividend

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

Insider Activity

In other news, major shareholder Thomas W. Powell sold 33,958 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $294.49, for a total transaction of $10,000,291.42. Following the completion of the transaction, the insider directly owned 564,736 shares in the company, valued at approximately $166,309,104.64. This represents a 5.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brett Alan Cope sold 4,440 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $241.55, for a total value of $1,072,482.00. Following the sale, the chief executive officer directly owned 517,233 shares of the company’s stock, valued at $124,937,631.15. The trade was a 0.85% 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. Insiders have sold a total of 42,898 shares of company stock valued at $12,353,653 in the last quarter. Insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on POWL shares. Weiss Ratings downgraded shares of Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 19th. JPMorgan Chase & Co. increased their price objective on shares of Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Glj Research raised shares of Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Cantor Fitzgerald dropped their price target on Powell Industries from $320.00 to $235.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. Finally, Zacks Research cut Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Two investment 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. According to MarketBeat.com, Powell Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $215.42.

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.