Powell Industries, Inc. $POWL Shares Sold by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC lowered its stake in shares of Powell Industries, Inc. (NASDAQ:POWL) by 40.5% during the fourth quarter, Holdings Channel reports. The fund owned 84,963 shares of the industrial products company’s stock after selling 57,799 shares during the quarter. Summit Partners Public Asset Management LLC’s holdings in Powell Industries were worth $27,085,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in POWL. Alps Advisors Inc. grew its holdings in Powell Industries by 1.1% in the 4th quarter. Alps Advisors Inc. now owns 1,599 shares of the industrial products company’s stock valued at $510,000 after buying an additional 18 shares during the period. CWM LLC grew its holdings in Powell Industries by 2.0% in the 4th quarter. CWM LLC now owns 1,219 shares of the industrial products company’s stock valued at $389,000 after buying an additional 24 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Powell Industries by 3.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 686 shares of the industrial products company’s stock valued at $219,000 after buying an additional 25 shares during the period. Cornerstone Investment Partners LLC grew its holdings in Powell Industries by 1.6% in the 4th quarter. Cornerstone Investment Partners LLC now owns 1,911 shares of the industrial products company’s stock valued at $609,000 after buying an additional 30 shares during the period. Finally, Garner Asset Management Corp grew its holdings in Powell Industries by 4.2% in the 4th quarter. Garner Asset Management Corp now owns 793 shares of the industrial products company’s stock valued at $253,000 after buying an additional 32 shares during the period. Institutional investors and hedge funds own 89.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on POWL shares. Glj Research started coverage on Powell Industries in a report on Thursday, March 5th. They issued a “hold” rating and a $150.00 price target for the company. Zacks Research cut Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Wall Street Zen cut Powell Industries from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Texas Capital upgraded Powell Industries to a “strong-buy” rating in a report on Friday, March 27th. Finally, Weiss Ratings upgraded Powell Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. One investment 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.67.

Powell Industries Price Performance

NASDAQ POWL opened at $292.70 on Wednesday. The firm has a market capitalization of $10.66 billion, a P/E ratio of 57.28, a P/E/G ratio of 3.96 and a beta of 1.11. Powell Industries, Inc. has a 1-year low of $56.70 and a 1-year high of $328.00. The business’s 50-day simple moving average is $270.92 and its 200-day simple moving average is $192.18.

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

Powell Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, May 20th. Powell Industries’s payout ratio is currently 7.05%.

Insiders Place Their Bets

In related news, major shareholder Thomas W. Powell sold 149,334 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $167.41, for a total transaction of $25,000,004.94. Following the transaction, the insider directly owned 1,796,082 shares of the company’s stock, valued at approximately $300,682,087.62. The trade was a 7.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP William Marshall Mauney, Jr. sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $323.69, for a total value of $809,225.00. Following the transaction, the vice president directly owned 10,853 shares in the company, valued at $3,513,007.57. This trade represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 174,964 shares of company stock worth $31,339,200. 2.20% of the stock is owned by insiders.

Powell Industries Profile

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.