Powell Industries (NASDAQ:POWL) Stock Price Down 6.6% – Here’s What Happened

Powell Industries, Inc. (NASDAQ:POWL) was down 6.6% on Wednesday. The stock traded as low as $192.51 and last traded at $191.2790. 84,076 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 717,263 shares. The stock had previously closed at $204.69.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. 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. Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $235.00 target price on shares of Powell Industries in a research note on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $215.42.

Powell Industries Stock Down 4.2%

The firm has a market cap of $7.14 billion, a P/E ratio of 37.70, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. The business’s 50 day moving average is $192.61 and its 200-day moving average is $232.40.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings results on Monday, August 3rd. The industrial products company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.07). The company had revenue of $311.74 million for 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 revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $3.96 EPS. As a group, equities analysts predict that Powell Industries, Inc. will post 5.36 earnings per share for the current year.

Powell Industries Dividend Announcement

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

Insiders Place Their Bets

In other Powell Industries news, VP William Marshall Mauney, Jr. sold 301 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total value of $56,488.67. Following the sale, the vice president directly owned 10,552 shares of the company’s stock, valued at $1,980,293.84. This trade represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brett Cope sold 4,799 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total transaction of $900,628.33. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,540 shares of company stock worth $2,029,599 over the last three months. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Powell Industries

Several large investors have recently made changes to their positions in POWL. Congress Asset Management Co. boosted its position in shares of Powell Industries by 21.2% during the third quarter. Congress Asset Management Co. now owns 51,438 shares of the industrial products company’s stock worth $9,489,000 after buying an additional 8,982 shares during the period. QRG Capital Management Inc. bought a new position in shares of Powell Industries in the second quarter worth $211,000. Anchor Investment Management LLC raised its stake in shares of Powell Industries by 92.9% during the second quarter. Anchor Investment Management LLC now owns 135 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 65 shares in the last quarter. SkyView Investment Advisors LLC bought a new stake in shares of Powell Industries during the second quarter valued at about $215,000. Finally, Sequoia Financial Advisors LLC lifted its holdings in Powell Industries by 205.1% in the second quarter. Sequoia Financial Advisors LLC now owns 1,751 shares of the industrial products company’s stock worth $501,000 after purchasing an additional 1,177 shares during the period. Institutional investors and hedge funds own 89.77% of the company’s stock.

Powell Industries Company Profile

Powell Industries, Inc designs, manufactures and services equipment used to control, monitor and distribute electrical power. Its products include medium-voltage and low-voltage switchgear, motor control centers, electrical control panels, power-control rooms, bus systems and related protection and control equipment. The company also provides engineered electrical systems, field services, equipment modernization, installation support and commissioning services.

Powell serves customers in industries that require reliable and specialized electrical infrastructure, including oil and gas, petrochemical and chemical processing, utilities, mining, transportation, commercial facilities and renewable energy.