The Manufacturers Life Insurance Company Acquires Shares of 7,938 Powell Industries, Inc. $POWL

The Manufacturers Life Insurance Company purchased a new position in Powell Industries, Inc. (NASDAQ:POWL) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,938 shares of the industrial products company’s stock, valued at approximately $2,273,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in Powell Industries during the 2nd quarter valued at approximately $1,033,376,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Powell Industries by 1,230,312.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 775,160 shares of the industrial products company’s stock worth $247,106,000 after purchasing an additional 775,097 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Powell Industries in the 2nd quarter worth about $60,389,000. Tema ETFs LLC boosted its stake in Powell Industries by 217.3% in the 2nd quarter. Tema ETFs LLC now owns 268,692 shares of the industrial products company’s stock worth $76,943,000 after purchasing an additional 184,010 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC bought a new stake in Powell Industries during the 3rd quarter valued at about $43,515,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Stock Down 0.9%

Shares of POWL stock opened at $170.51 on Thursday. The company has a 50 day moving average price of $221.36 and a 200-day moving average price of $230.98. Powell Industries, Inc. has a 52 week low of $84.64 and a 52 week high of $328.00. The firm has a market capitalization of $6.21 billion, a PE ratio of 32.73, a P/E/G ratio of 2.29 and a beta of 1.18.

Powell Industries (NASDAQ:POWL) last released its quarterly earnings data on Monday, August 3rd. The industrial products company reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.07). The company had revenue of $311.74 million for the quarter, compared to analysts’ expectations of $316.70 million. Powell Industries had a net margin of 16.49% and a return on equity of 27.51%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.96 earnings per share. Analysts anticipate 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, September 16th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Powell Industries’s payout ratio is currently 6.91%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Zacks Research cut shares of Powell Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. 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. Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings cut Powell Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $215.42.

Insider Activity

In other news, CEO Brett Alan Cope sold 4,440 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $241.55, for a total transaction of $1,072,482.00. Following the completion of the sale, the chief executive officer owned 517,233 shares of the company’s stock, valued at $124,937,631.15. This represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael William Metcalf sold 4,500 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $284.64, for a total transaction of $1,280,880.00. Following the completion of the transaction, the executive vice president owned 78,900 shares in the company, valued at $22,458,096. This trade represents a 5.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 42,898 shares of company stock valued at $12,353,653 in the last quarter. 2.20% of the stock is currently owned by insiders.

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.