Powell Industries (NASDAQ:POWL) Shares Gap Up Following Earnings Beat

Powell Industries, Inc. (NASDAQ:POWL) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $143.00, but opened at $183.00. Powell Industries shares last traded at $177.32, with a volume of 323,899 shares changing hands.

The industrial products company reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.86. Powell Industries had a net margin of 10.10% and a return on equity of 22.30%. The firm had revenue of $255.10 million for the quarter, compared to analyst estimates of $201.45 million. During the same period in the previous year, the business earned $0.70 EPS. The company’s revenue was up 48.8% compared to the same quarter last year.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Powell Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st.

Insider Activity

In other news, Director Christopher E. Cragg sold 9,000 shares of Powell Industries stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $155.13, for a total value of $1,396,170.00. Following the completion of the transaction, the director now owns 12,360 shares of the company’s stock, valued at approximately $1,917,406.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Thomas W. Powell sold 5,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $174.38, for a total value of $871,900.00. Following the transaction, the insider now owns 1,688,628 shares in the company, valued at approximately $294,462,950.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Christopher E. Cragg sold 9,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $155.13, for a total transaction of $1,396,170.00. Following the completion of the transaction, the director now owns 12,360 shares in the company, valued at approximately $1,917,406.80. The disclosure for this sale can be found here. Insiders sold a total of 30,000 shares of company stock valued at $4,850,830 in the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. AJOVista LLC acquired a new position in shares of Powell Industries during the 4th quarter worth approximately $29,000. Covestor Ltd grew its position in shares of Powell Industries by 121.1% during the 3rd quarter. Covestor Ltd now owns 796 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 436 shares in the last quarter. Diversified Trust Co acquired a new position in shares of Powell Industries during the 1st quarter worth approximately $212,000. Triasima Portfolio Management inc. acquired a new position in shares of Powell Industries during the 1st quarter worth approximately $230,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Powell Industries during the 3rd quarter worth approximately $137,000. Institutional investors and hedge funds own 89.77% of the company’s stock.

Powell Industries Stock Performance

The stock’s fifty day moving average price is $147.80 and its two-hundred day moving average price is $111.79. The company has a market cap of $2.10 billion, a P/E ratio of 27.52, a P/E/G ratio of 1.42 and a beta of 0.79.

Powell Industries Company Profile

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company's principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.