Mirae Asset Global Investments Co. Ltd. Has $11.02 Million Stock Position in Powell Industries, Inc. (NASDAQ:POWL)

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Powell Industries, Inc. (NASDAQ:POWLGet Rating) by 32.2% during the first quarter, Holdings Channel reports. The firm owned 567,480 shares of the industrial products company’s stock after buying an additional 138,311 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Powell Industries were worth $11,020,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. State of Tennessee Treasury Department raised its stake in shares of Powell Industries by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 3,368 shares of the industrial products company’s stock valued at $65,000 after acquiring an additional 510 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of Powell Industries in the fourth quarter valued at approximately $224,000. Citigroup Inc. raised its stake in shares of Powell Industries by 13.6% in the first quarter. Citigroup Inc. now owns 9,049 shares of the industrial products company’s stock valued at $176,000 after acquiring an additional 1,081 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Powell Industries by 8.2% in the first quarter. Royal Bank of Canada now owns 10,057 shares of the industrial products company’s stock valued at $195,000 after acquiring an additional 759 shares during the last quarter. Finally, Guggenheim Capital LLC raised its stake in shares of Powell Industries by 42.5% in the first quarter. Guggenheim Capital LLC now owns 11,035 shares of the industrial products company’s stock valued at $214,000 after acquiring an additional 3,290 shares during the last quarter. 64.52% of the stock is owned by institutional investors and hedge funds.

Powell Industries Price Performance

POWL stock opened at $23.25 on Wednesday. The company has a 50 day moving average price of $24.73 and a 200 day moving average price of $23.50. Powell Industries, Inc. has a fifty-two week low of $18.81 and a fifty-two week high of $31.81. The stock has a market capitalization of $273.93 million, a PE ratio of 33.21 and a beta of 1.12.

Powell Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, August 17th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Tuesday, August 16th. Powell Industries’s dividend payout ratio (DPR) is presently 148.57%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. StockNews.com cut shares of Powell Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 11th. Sidoti cut shares of Powell Industries from a “buy” rating to a “neutral” rating in a research report on Friday, June 10th.

About Powell Industries

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Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems for the distribution, control, and monitoring of electrical energy. 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, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.

Further Reading

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Institutional Ownership by Quarter for Powell Industries (NASDAQ:POWL)

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