Forge First Asset Management Inc. Purchases New Position in Powell Industries, Inc. $POWL

Forge First Asset Management Inc. bought a new position in shares of Powell Industries, Inc. (NASDAQ:POWL) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 3,061 shares of the industrial products company’s stock, valued at approximately $933,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Royal Bank of Canada increased its stake in Powell Industries by 1.5% during the 1st quarter. Royal Bank of Canada now owns 30,830 shares of the industrial products company’s stock worth $5,251,000 after buying an additional 461 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Powell Industries by 7.9% in the first quarter. NewEdge Advisors LLC now owns 6,310 shares of the industrial products company’s stock valued at $1,075,000 after acquiring an additional 461 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Powell Industries by 1,221.0% in the first quarter. Jones Financial Companies Lllp now owns 1,387 shares of the industrial products company’s stock worth $236,000 after acquiring an additional 1,282 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Powell Industries by 4.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 28,423 shares of the industrial products company’s stock worth $4,841,000 after purchasing an additional 1,311 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Powell Industries by 76.0% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,543 shares of the industrial products company’s stock worth $1,167,000 after purchasing an additional 2,394 shares in the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Trading Down 3.3%

Shares of NASDAQ:POWL opened at $530.88 on Friday. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 2.50 and a beta of 0.85. Powell Industries, Inc. has a 12-month low of $146.02 and a 12-month high of $612.50. The business has a 50-day moving average price of $444.34 and a 200 day moving average price of $358.68.

Powell Industries (NASDAQ:POWL) last announced its earnings results on Tuesday, February 3rd. The industrial products company reported $3.40 earnings per share for the quarter, topping the consensus estimate 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 quarter last year, the firm posted $2.86 earnings per share. Powell Industries’s revenue was up 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Powell Industries, Inc. will post 13.71 earnings per share for the current fiscal year.

Powell Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, February 18th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, February 18th. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. Powell Industries’s dividend payout ratio is 7.02%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on POWL. Weiss Ratings reiterated a “buy (b-)” rating on shares of Powell Industries in a research report on Monday, December 29th. Wall Street Zen raised shares of Powell Industries from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Roth Mkm reiterated a “buy” rating and issued a $350.00 price objective on shares of Powell Industries in a report on Wednesday, November 19th. Finally, Cantor Fitzgerald raised their target price on shares of Powell Industries from $427.00 to $481.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $415.50.

Insider Activity at Powell Industries

In other Powell Industries news, major shareholder Thomas W. Powell sold 318 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $560.37, for a total value of $178,197.66. Following the sale, the insider owned 650,472 shares of the company’s stock, valued at $364,504,994.64. The trade was a 0.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ping Ni sold 70 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $590.00, for a total value of $41,300.00. Following the transaction, the insider owned 2,023 shares in the company, valued at $1,193,570. This trade represents a 3.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,158 shares of company stock worth $17,160,352 over the last quarter. Company insiders own 2.20% of the company’s stock.

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.