Forge First Asset Management Inc. Buys Shares of 3,061 Powell Industries, Inc. $POWL

Forge First Asset Management Inc. purchased a new stake in Powell Industries, Inc. (NASDAQ:POWL) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,061 shares of the industrial products company’s stock, valued at approximately $933,000.

Other hedge funds have also recently modified their holdings of the company. Kovitz Investment Group Partners LLC increased its holdings in Powell Industries by 42.2% during the third quarter. Kovitz Investment Group Partners LLC now owns 2,314,474 shares of the industrial products company’s stock valued at $705,475,000 after buying an additional 686,588 shares during the period. First Trust Advisors LP boosted its position in Powell Industries by 31.7% during the 2nd quarter. First Trust Advisors LP now owns 371,016 shares of the industrial products company’s stock valued at $78,080,000 after acquiring an additional 89,407 shares in the last quarter. State Street Corp increased its holdings in shares of Powell Industries by 0.9% in the 2nd quarter. State Street Corp now owns 352,103 shares of the industrial products company’s stock valued at $74,100,000 after acquiring an additional 3,159 shares during the period. Invesco Ltd. raised its position in shares of Powell Industries by 23.2% in the 2nd quarter. Invesco Ltd. now owns 340,008 shares of the industrial products company’s stock worth $71,555,000 after acquiring an additional 64,029 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Powell Industries by 2.5% in the 2nd quarter. Geode Capital Management LLC now owns 237,715 shares of the industrial products company’s stock worth $50,033,000 after acquiring an additional 5,725 shares in the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Insider Transactions at Powell Industries

In related news, major shareholder Thomas W. Powell sold 14,911 shares of Powell Industries stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $600.92, for a total transaction of $8,960,318.12. Following the completion of the sale, the insider owned 652,069 shares of the company’s stock, valued at $391,841,303.48. The trade was a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP William Marshall Mauney, Jr. sold 3,000 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $331.73, for a total transaction of $995,190.00. Following the completion of the transaction, the vice president owned 4,451 shares in the company, valued at approximately $1,476,530.23. This trade represents a 40.26% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 30,158 shares of company stock valued at $17,160,352. 2.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Powell Industries in a research report on Monday, December 29th. Cantor Fitzgerald increased their price target on shares of Powell Industries from $427.00 to $481.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Wall Street Zen raised shares of Powell Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Finally, Roth Mkm reiterated a “buy” rating and set a $350.00 price objective on shares of Powell Industries in a research note on Wednesday, November 19th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $415.50.

Powell Industries Trading Down 3.3%

Shares of Powell Industries stock opened at $530.88 on Friday. The firm’s 50 day simple moving average is $444.34 and its two-hundred day simple moving average is $358.68. The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 2.50 and a beta of 0.85. Powell Industries, Inc. has a 12-month low of $146.02 and a 12-month high of $612.50.

Powell Industries (NASDAQ:POWL) last announced its quarterly earnings data on Tuesday, February 3rd. The industrial products company reported $3.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.55. The firm had revenue of $251.18 million for the quarter, compared to analyst estimates of $255.34 million. Powell Industries had a net margin of 16.82% and a return on equity of 30.64%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.86 earnings per share. On average, sell-side analysts predict that Powell Industries, Inc. will post 13.71 EPS for the current fiscal year.

Powell Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, February 18th will be paid a $0.27 dividend. The ex-dividend date is Wednesday, February 18th. This is a positive change from Powell Industries’s previous quarterly dividend of $0.27. This represents a $1.08 annualized dividend and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio (DPR) is 7.02%.

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.