Cornerstone Investment Partners LLC Acquires New Position in Powell Industries, Inc. (NASDAQ:POWL)

Cornerstone Investment Partners LLC acquired a new stake in shares of Powell Industries, Inc. (NASDAQ:POWL) in the fourth quarter, HoldingsChannel reports. The fund acquired 2,332 shares of the industrial products company’s stock, valued at approximately $206,000.

A number of other institutional investors have also modified their holdings of POWL. Tower Research Capital LLC TRC grew its position in Powell Industries by 55.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 549 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 195 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Powell Industries in the 2nd quarter worth about $39,000. Covestor Ltd grew its position in Powell Industries by 121.1% in the 3rd quarter. Covestor Ltd now owns 796 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 436 shares during the last quarter. Lazard Asset Management LLC bought a new position in Powell Industries in the 4th quarter worth about $38,000. Finally, Point72 Middle East FZE bought a new position in shares of Powell Industries in the second quarter valued at approximately $70,000. Institutional investors own 89.77% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Powell Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st.

Insider Buying and Selling

In related news, major shareholder Thomas W. Powell sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $151.36, for a total value of $908,160.00. Following the completion of the transaction, the insider now owns 714,643 shares of the company’s stock, valued at approximately $108,168,364.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Thomas W. Powell sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $167.46, for a total value of $1,674,600.00. Following the completion of the transaction, the insider now owns 1,703,628 shares of the company’s stock, valued at approximately $285,289,544.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Thomas W. Powell sold 6,000 shares of Powell Industries stock in a transaction on Monday, February 12th. The shares were sold at an average price of $151.36, for a total transaction of $908,160.00. Following the sale, the insider now directly owns 714,643 shares of the company’s stock, valued at approximately $108,168,364.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,000 shares of company stock worth $4,850,830. Corporate insiders own 2.20% of the company’s stock.

Powell Industries Price Performance

NASDAQ POWL opened at $130.34 on Friday. Powell Industries, Inc. has a 12 month low of $38.91 and a 12 month high of $197.87. The firm has a market capitalization of $1.56 billion, a PE ratio of 20.46, a P/E/G ratio of 1.21 and a beta of 0.79. The company’s 50 day simple moving average is $148.81 and its 200 day simple moving average is $108.45.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.98. The business had revenue of $194.00 million for the quarter, compared to analyst estimates of $182.04 million. Powell Industries had a net margin of 10.10% and a return on equity of 22.30%. The business’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. Sell-side analysts anticipate that Powell Industries, Inc. will post 7.54 earnings per share for the current fiscal year.

Powell Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, February 14th were issued a dividend of $0.262 per share. This represents a $1.05 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date was Tuesday, February 13th. Powell Industries’s payout ratio is 16.64%.

Powell Industries Profile

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.