Carnegie Investment Counsel Sells 4,506 Shares of Powell Industries, Inc. $POWL

Carnegie Investment Counsel lowered its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 11.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 36,376 shares of the industrial products company’s stock after selling 4,506 shares during the period. Carnegie Investment Counsel’s holdings in Powell Industries were worth $19,682,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Greenline Wealth Management LLC bought a new position in Powell Industries during the 4th quarter worth $29,000. Avanza Fonder AB bought a new position in shares of Powell Industries during the fourth quarter worth about $30,000. State of Wyoming bought a new stake in Powell Industries in the second quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC increased its position in Powell Industries by 126.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 113 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 63 shares during the period. Finally, First Horizon Corp bought a new position in Powell Industries during the 4th quarter worth approximately $40,000. Institutional investors own 89.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard E. Williams sold 5,250 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $299.19, for a total transaction of $1,570,747.50. Following the completion of the sale, the director owned 39,630 shares in the company, valued at $11,856,899.70. This trade represents a 11.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael William Metcalf sold 4,500 shares of Powell Industries stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the completion of the sale, the executive vice president directly owned 78,900 shares in the company, valued at $22,458,096. This trade represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 55,088 shares of company stock valued at $16,070,066. Company insiders own 2.20% of the company’s stock.

Powell Industries Price Performance

Shares of NASDAQ POWL traded down $4.39 during midday trading on Friday, reaching $232.19. The company’s stock had a trading volume of 606,744 shares, compared to its average volume of 777,181. The firm has a 50 day moving average price of $283.79 and a 200-day moving average price of $211.72. The stock has a market capitalization of $8.46 billion, a P/E ratio of 45.44, a PEG ratio of 3.03 and a beta of 1.13. Powell Industries, Inc. has a 12-month low of $68.33 and a 12-month high of $328.00.

Powell Industries (NASDAQ:POWL) last announced its quarterly earnings data on Monday, May 4th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.09). The business had revenue of $296.62 million during the quarter, compared to the consensus estimate of $298.12 million. Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.81 EPS. On average, equities analysts predict that Powell Industries, Inc. will post 5.47 EPS for the current year.

Powell Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, May 20th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Wednesday, May 20th. Powell Industries’s dividend payout ratio (DPR) is 7.05%.

Analyst Ratings Changes

A number of brokerages recently weighed in on POWL. Cantor Fitzgerald lifted their target price on shares of Powell Industries from $160.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Weiss Ratings raised Powell Industries from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Texas Capital upgraded shares of Powell Industries to a “strong-buy” rating in a research note on Friday, March 27th. Zacks Research downgraded shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. upped their price target on Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Powell Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.67.

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.