Powell Industries (NASDAQ:POWL) Stock Price Down 13.4% – Here’s What Happened

Powell Industries, Inc. (NASDAQ:POWL) dropped 13.4% during mid-day trading on Wednesday. The company traded as low as $141.06 and last traded at $141.50. Approximately 461,245 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 718,238 shares. The stock had previously closed at $163.34.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on POWL shares. 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 reiterated a “neutral” rating and issued a $235.00 price target on shares of Powell Industries in a research report on Thursday, October 1st. Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Finally, JPMorgan Chase & Co. cut their price objective on Powell Industries from $300.00 to $250.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $187.92.

Powell Industries Trading Down 12.3%

The stock has a market capitalization of $5.22 billion, a PE ratio of 27.60, a PEG ratio of 1.60 and a beta of 1.25. The firm’s 50-day simple moving average is $178.50 and its two-hundred day simple moving average is $212.21.

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

Powell Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, November 18th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Wednesday, November 18th. Powell Industries’s payout ratio is currently 6.91%.

Insider Buying and Selling

In other Powell Industries news, CEO Brett Cope sold 4,799 shares of Powell Industries stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $187.67, for a total value of $900,628.33. Following the completion of the sale, the chief executive officer directly owned 507,934 shares in the company, valued at $95,323,973.78. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William Marshall Mauney, Jr. sold 301 shares of the business’s stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $187.67, for a total transaction of $56,488.67. Following the completion of the sale, the vice president directly owned 10,552 shares of the company’s stock, valued at $1,980,293.84. This represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 5,800 shares of company stock worth $1,074,115. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Powell Industries

Large investors have recently bought and sold shares of the business. AlphaCore Capital LLC bought a new stake in Powell Industries in the 3rd quarter valued at $385,000. Allspring Global Investments Holdings LLC grew its position in Powell Industries by 123.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 284,405 shares of the industrial products company’s stock worth $54,208,000 after purchasing an additional 157,068 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its holdings in shares of Powell Industries by 60.5% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 17,804 shares of the industrial products company’s stock worth $3,284,000 after purchasing an additional 6,708 shares during the period. Alps Advisors Inc. increased its holdings in shares of Powell Industries by 47.3% during the 3rd quarter. Alps Advisors Inc. now owns 13,015 shares of the industrial products company’s stock worth $2,401,000 after purchasing an additional 4,177 shares during the period. Finally, Ashton Thomas Private Wealth LLC increased its holdings in shares of Powell Industries by 16.8% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 4,675 shares of the industrial products company’s stock worth $862,000 after purchasing an additional 674 shares during the period. 89.77% of the stock is currently owned by institutional investors.

Powell Industries Company Profile

Powell Industries, Inc is a Houston-based manufacturer of custom-engineered electrical equipment and systems used to control, distribute and monitor electrical power. The company serves industrial and utility customers that require equipment designed for demanding operating environments, including facilities with high-voltage, hazardous or highly regulated applications.

Its product portfolio includes medium- and high-voltage metal-clad switchgear, motor control centers, electrical houses and enclosures, control panels, switchboards, bus systems and related protection and control equipment.