New York State Common Retirement Fund Raises Stock Position in Powell Industries, Inc. $POWL

New York State Common Retirement Fund grew its stake in Powell Industries, Inc. (NASDAQ:POWL) by 59.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 12,638 shares of the industrial products company’s stock after purchasing an additional 4,716 shares during the period. New York State Common Retirement Fund’s holdings in Powell Industries were worth $3,852,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Truist Financial Corp increased its stake in Powell Industries by 42.9% in the third quarter. Truist Financial Corp now owns 15,041 shares of the industrial products company’s stock valued at $4,585,000 after purchasing an additional 4,519 shares during the period. Tema Etfs LLC increased its position in Powell Industries by 281.6% in the 3rd quarter. Tema Etfs LLC now owns 53,170 shares of the industrial products company’s stock valued at $16,207,000 after acquiring an additional 39,238 shares during the period. Stephens Investment Management Group LLC raised its stake in Powell Industries by 6.5% during the 3rd quarter. Stephens Investment Management Group LLC now owns 89,669 shares of the industrial products company’s stock valued at $27,332,000 after acquiring an additional 5,455 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Powell Industries by 32.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 56,620 shares of the industrial products company’s stock worth $17,961,000 after acquiring an additional 14,013 shares during the period. Finally, Littlejohn Financial Services Inc. acquired a new stake in Powell Industries during the 3rd quarter worth approximately $1,078,000. 89.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Powell Industries

In other Powell Industries news, VP William Marshall Mauney, Jr. sold 3,000 shares of the stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $331.73, for a total value of $995,190.00. Following the completion of the transaction, the vice president directly owned 4,451 shares of the company’s stock, valued at approximately $1,476,530.23. This trade represents a 40.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Roth Mkm reissued a “buy” rating and issued a $350.00 target price on shares of Powell Industries in a report on Wednesday, November 19th. Wall Street Zen cut shares of Powell Industries from a “buy” rating to a “hold” rating in a research note on Monday, January 19th. Cantor Fitzgerald upped their price objective on shares of Powell Industries from $427.00 to $481.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Powell Industries in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Powell Industries presently has an average rating of “Moderate Buy” and an average target price of $415.50.

Powell Industries Stock Performance

NASDAQ:POWL opened at $584.22 on Friday. Powell Industries, Inc. has a 1 year low of $146.02 and a 1 year high of $588.84. The stock has a fifty day moving average price of $381.14 and a two-hundred day moving average price of $326.94. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 37.96, a PEG ratio of 2.45 and a beta of 0.85.

Powell Industries (NASDAQ:POWL) last issued its earnings results on Tuesday, February 3rd. The industrial products company reported $3.40 EPS for the quarter, topping the consensus estimate of $2.85 by $0.55. The company had revenue of $251.18 million for the quarter, compared to analyst estimates of $255.34 million. Powell Industries had a net margin of 16.82% and a return on equity of 30.64%. The business’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.86 EPS. On average, analysts predict that Powell Industries, Inc. will post 13.71 EPS for the current year.

Powell Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 18th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, February 18th. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. This represents a $1.08 annualized dividend and a yield of 0.2%. Powell Industries’s dividend payout ratio (DPR) is currently 6.95%.

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.