JPMorgan Chase & Co. Cuts Holdings in Powell Industries, Inc. $POWL

JPMorgan Chase & Co. decreased its stake in Powell Industries, Inc. (NASDAQ:POWL) by 5.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 29,387 shares of the industrial products company’s stock after selling 1,729 shares during the quarter. JPMorgan Chase & Co.’s holdings in Powell Industries were worth $8,957,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. First Trust Advisors LP increased its stake in Powell Industries by 31.7% in the second quarter. First Trust Advisors LP now owns 371,016 shares of the industrial products company’s stock valued at $78,080,000 after acquiring an additional 89,407 shares during the last quarter. State Street Corp boosted its holdings in shares of Powell Industries by 0.9% in the 2nd quarter. State Street Corp now owns 352,103 shares of the industrial products company’s stock worth $74,100,000 after purchasing an additional 3,159 shares in the last quarter. Invesco Ltd. increased its position in shares of Powell Industries by 23.2% during the 2nd quarter. Invesco Ltd. now owns 340,008 shares of the industrial products company’s stock valued at $71,555,000 after purchasing an additional 64,029 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Powell Industries by 2.5% during the 2nd quarter. Geode Capital Management LLC now owns 237,715 shares of the industrial products company’s stock valued at $50,033,000 after purchasing an additional 5,725 shares during the last quarter. Finally, Ophir Asset Management Pty Ltd raised its holdings in shares of Powell Industries by 71.3% during the 2nd quarter. Ophir Asset Management Pty Ltd now owns 185,127 shares of the industrial products company’s stock valued at $42,696,000 after buying an additional 77,031 shares in the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Stock Performance

Shares of Powell Industries stock opened at $483.65 on Friday. Powell Industries, Inc. has a 52-week low of $152.40 and a 52-week high of $612.50. The company’s 50 day moving average price is $465.25 and its 200-day moving average price is $369.12. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 31.43, a P/E/G ratio of 2.29 and a beta of 0.82.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings results on Tuesday, February 3rd. The industrial products company reported $3.40 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.55. Powell Industries had a net margin of 16.82% and a return on equity of 30.64%. The company had revenue of $251.18 million during the quarter, compared to analyst estimates of $255.34 million. During the same period in the prior year, the business posted $2.86 EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. As a group, equities research analysts forecast that Powell Industries, Inc. will post 13.71 earnings per share for the current fiscal year.

Powell Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, February 18th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.2%. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, February 18th. Powell Industries’s dividend payout ratio (DPR) is presently 7.02%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on POWL. Glj Research started coverage on shares of Powell Industries in a research note on Thursday. They issued a “hold” rating and a $450.00 price objective for the company. Roth Mkm reissued a “buy” rating and issued a $350.00 price target on shares of Powell Industries in a research note on Wednesday, November 19th. Cantor Fitzgerald upped their price target on shares of Powell Industries from $427.00 to $481.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Powell Industries in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded Powell Industries from a “buy” rating to a “hold” rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $427.00.

Insider Activity at Powell Industries

In other Powell Industries news, VP William Marshall Mauney, Jr. sold 3,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $1,476,530.23. This represents a 40.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ping Ni sold 70 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $590.00, for a total transaction of $41,300.00. Following the completion of the sale, the insider directly owned 2,023 shares of the company’s stock, valued at approximately $1,193,570. This represents a 3.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,158 shares of company stock valued at $17,160,352 in the last 90 days. 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.