Powell Industries, Inc. $POWL Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund grew its stake in Powell Industries, Inc. (NASDAQ:POWL) by 141.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,922 shares of the industrial products company’s stock after purchasing an additional 4,645 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of Powell Industries worth $1,667,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Brooklyn Investment Group increased its stake in Powell Industries by 168.8% in the 1st quarter. Brooklyn Investment Group now owns 172 shares of the industrial products company’s stock valued at $29,000 after buying an additional 108 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in shares of Powell Industries in the second quarter valued at about $33,000. Manchester Capital Management LLC increased its stake in shares of Powell Industries by 42.9% during the second quarter. Manchester Capital Management LLC now owns 200 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 60 shares during the period. Morgan Dempsey Capital Management LLC acquired a new position in shares of Powell Industries during the second quarter worth about $52,000. Finally, Optimum Investment Advisors raised its holdings in Powell Industries by 114.3% during the second quarter. Optimum Investment Advisors now owns 300 shares of the industrial products company’s stock worth $63,000 after purchasing an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Price Performance

Shares of NASDAQ:POWL opened at $345.06 on Wednesday. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 1.60 and a beta of 0.87. The business’s 50 day simple moving average is $336.96 and its 200-day simple moving average is $270.56. Powell Industries, Inc. has a 12 month low of $146.02 and a 12 month high of $413.00.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings data on Tuesday, November 18th. The industrial products company reported $4.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.76 by $0.46. The firm had revenue of $297.98 million during the quarter, compared to analysts’ expectations of $292.85 million. Powell Industries had a return on equity of 31.80% and a net margin of 16.37%.Powell Industries’s revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm posted $3.77 earnings per share. On average, equities analysts anticipate that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, November 19th will be given a $0.2675 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $1.07 annualized dividend and a dividend yield of 0.3%. Powell Industries’s payout ratio is currently 7.21%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Roth Capital reiterated a “buy” rating and set a $350.00 target price on shares of Powell Industries in a research report on Wednesday, November 19th. Weiss Ratings restated a “buy (b)” rating on shares of Powell Industries in a research note on Monday. Finally, Wall Street Zen raised Powell Industries from a “hold” rating to a “buy” rating in a report on Saturday, November 22nd. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $331.00.

Insider Buying and Selling

In related news, EVP Michael William Metcalf sold 3,200 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $298.74, for a total value of $955,968.00. Following the sale, the executive vice president directly owned 25,700 shares of the company’s stock, valued at approximately $7,677,618. This represents a 11.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.20% of the company’s stock.

About Powell Industries

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company’s principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.