Jennison Associates LLC Purchases New Stake in Powell Industries, Inc. $POWL

Jennison Associates LLC acquired a new position in Powell Industries, Inc. (NASDAQ:POWL) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,594 shares of the industrial products company’s stock, valued at approximately $13,848,000. Jennison Associates LLC owned approximately 0.07% of Powell Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Assetmark Inc. grew its stake in shares of Powell Industries by 11.2% during the 1st quarter. Assetmark Inc. now owns 16,524 shares of the industrial products company’s stock worth $8,941,000 after purchasing an additional 1,666 shares during the period. Gallacher Capital Management LLC acquired a new stake in shares of Powell Industries in the first quarter valued at about $357,000. Bessemer Group Inc. boosted its holdings in Powell Industries by 15,570.8% during the first quarter. Bessemer Group Inc. now owns 11,283 shares of the industrial products company’s stock worth $6,105,000 after buying an additional 11,211 shares in the last quarter. Independent Financial Group LLC purchased a new stake in Powell Industries during the first quarter worth about $650,000. Finally, Wealthfront Advisers LLC grew its position in Powell Industries by 5.4% during the first quarter. Wealthfront Advisers LLC now owns 697 shares of the industrial products company’s stock worth $377,000 after buying an additional 36 shares during the period. Institutional investors and hedge funds own 89.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on POWL shares. Cantor Fitzgerald lifted their price target on shares of Powell Industries from $160.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. lifted their price objective on Powell Industries from $310.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Texas Capital upgraded Powell Industries to a “strong-buy” rating in a research report on Friday, March 27th. Glj Research raised Powell Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Zacks Research cut Powell Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $236.67.

Powell Industries Price Performance

Shares of POWL opened at $244.39 on Wednesday. Powell Industries, Inc. has a 1-year low of $69.00 and a 1-year high of $328.00. The stock has a market cap of $8.90 billion, a price-to-earnings ratio of 47.83, a price-to-earnings-growth ratio of 2.98 and a beta of 1.13. The firm has a 50 day simple moving average of $273.99 and a 200-day simple moving average of $218.55.

Powell Industries (NASDAQ:POWL) last posted its earnings results on Monday, May 4th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.09). The company had revenue of $296.62 million during the quarter, compared to analysts’ expectations of $298.12 million. Powell Industries had a net margin of 16.51% and a return on equity of 28.61%. Powell Industries’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $3.81 EPS. On average, equities analysts expect that Powell Industries, Inc. will post 5.47 earnings per share for the current fiscal year.

Powell Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, May 20th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.1%. Powell Industries’s dividend payout ratio (DPR) is presently 7.05%.

Insider Activity

In related news, VP William Marshall Mauney, Jr. sold 2,500 shares of Powell Industries stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $323.69, for a total transaction of $809,225.00. Following the completion of the sale, the vice president owned 10,853 shares in the company, valued at approximately $3,513,007.57. This trade represents a 18.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Thomas W. Powell sold 33,958 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $294.49, for a total transaction of $10,000,291.42. Following the completion of the transaction, the insider owned 564,736 shares in the company, valued at approximately $166,309,104.64. This trade represents a 5.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 55,088 shares of company stock worth $16,070,066 in the last quarter. Corporate insiders own 2.20% of the company’s stock.

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.