Van ECK Associates Corp Takes $4.33 Million Position in Powell Industries, Inc. $POWL

Van ECK Associates Corp purchased a new stake in Powell Industries, Inc. (NASDAQ:POWL) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 15,129 shares of the industrial products company’s stock, valued at approximately $4,332,000.

Several other hedge funds also recently made changes to their positions in the business. Greenline Wealth Management LLC bought a new stake in Powell Industries during the fourth quarter worth about $29,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Powell Industries by 183.8% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 105 shares of the industrial products company’s stock worth $30,000 after buying an additional 68 shares in the last quarter. Allworth Financial LP bought a new position in Powell Industries in the second quarter valued at about $33,000. State of Wyoming acquired a new position in Powell Industries in the 2nd quarter valued at approximately $33,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Powell Industries in the second quarter valued at about $34,000. 89.77% of the stock is owned by institutional investors.

Powell Industries Stock Performance

Shares of NASDAQ:POWL opened at $175.16 on Friday. The company has a market capitalization of $6.38 billion, a P/E ratio of 33.62, a price-to-earnings-growth ratio of 2.27 and a beta of 1.18. The company’s 50-day moving average is $218.68 and its 200 day moving average is $230.84. Powell Industries, Inc. has a fifty-two week low of $85.67 and a fifty-two week high of $328.00.

Powell Industries (NASDAQ:POWL) last announced its quarterly earnings data on Monday, August 3rd. The industrial products company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.07). The company had revenue of $311.74 million during the quarter, compared to the consensus estimate of $316.70 million. Powell Industries had a return on equity of 27.51% and a net margin of 16.49%.The business’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.96 EPS. As a group, research analysts predict that Powell Industries, Inc. will post 5.36 earnings per share for the current year.

Powell Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.09 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.36 annualized dividend and a dividend yield of 0.2%. Powell Industries’s dividend payout ratio (DPR) is presently 6.91%.

Wall Street Analyst Weigh In

POWL has been the topic of several research analyst reports. Weiss Ratings lowered Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. Cantor Fitzgerald cut their target price on Powell Industries from $320.00 to $235.00 and set a “neutral” rating on the stock in a research note on Friday, August 14th. Zacks Research lowered Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Finally, Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $215.42.

Insider Buying and Selling

In related news, EVP Michael Metcalf sold 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total value of $1,280,880.00. Following the transaction, the executive vice president owned 78,900 shares in the company, valued at approximately $22,458,096. This represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Thomas W. Powell sold 33,958 shares of the 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 transaction, the insider directly 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 42,898 shares of company stock valued at $12,353,653. 2.20% of the stock is owned by company insiders.

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.