Powell Industries (NASDAQ:POWL) Shares Down 8.8% Following Insider Selling

Powell Industries, Inc. (NASDAQ:POWL)’s share price traded down 8.8% during trading on Friday following insider selling activity. The company traded as low as $285.00 and last traded at $282.0810. Approximately 132,492 shares changed hands during trading, a decline of 82% from the average daily volume of 735,933 shares. The stock had previously closed at $309.20.

Specifically, major shareholder Thomas W. Powell sold 33,958 shares of Powell Industries stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $294.49, for a total value of $10,000,291.42. Following the completion of the sale, the insider owned 564,736 shares of the company’s stock, valued at approximately $166,309,104.64. This trade represents a 5.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

Several research firms have weighed in on POWL. JPMorgan Chase & Co. upped their price objective on shares of Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Texas Capital raised shares of Powell Industries to a “strong-buy” rating in a research report on Friday, March 27th. Wall Street Zen lowered shares of Powell Industries from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Cantor Fitzgerald raised their price target on shares of Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, Glj Research initiated coverage on shares of Powell Industries in a research report on Thursday, March 5th. They issued a “hold” rating and a $150.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $236.67.

Powell Industries Stock Down 9.5%

The company has a market capitalization of $10.19 billion, a PE ratio of 54.75, a P/E/G ratio of 3.65 and a beta of 1.11. The stock has a 50-day moving average of $283.11 and a 200 day moving average of $202.08.

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

Powell Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, May 20th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date was Wednesday, May 20th. Powell Industries’s dividend payout ratio (DPR) is presently 7.05%.

Institutional Trading of Powell Industries

Several hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its stake in Powell Industries by 20.1% during the 1st quarter. NewEdge Advisors LLC now owns 10,951 shares of the industrial products company’s stock valued at $5,925,000 after acquiring an additional 1,831 shares during the period. Glenmede Trust Co. NA bought a new stake in shares of Powell Industries in the first quarter worth approximately $205,000. Montchanin Asset Management LLC purchased a new position in shares of Powell Industries during the first quarter valued at approximately $1,669,000. Bank of America Corp DE lifted its position in Powell Industries by 324.5% during the first quarter. Bank of America Corp DE now owns 90,797 shares of the industrial products company’s stock valued at $49,128,000 after purchasing an additional 69,407 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Powell Industries by 55.1% during the first quarter. Janus Henderson Group PLC now owns 224,966 shares of the industrial products company’s stock valued at $121,643,000 after purchasing an additional 79,932 shares during the period. 89.77% of the stock is owned by institutional investors.

Powell Industries Company 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.