Carnegie Capital Asset Management LLC Acquires New Position in Powell Industries, Inc. (NASDAQ:POWL)

Carnegie Capital Asset Management LLC acquired a new stake in Powell Industries, Inc. (NASDAQ:POWL) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,580 shares of the industrial products company’s stock, valued at approximately $847,000. Carnegie Capital Asset Management LLC owned 0.08% of Powell Industries at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Powell Industries by 7.0% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 2,421 shares of the industrial products company’s stock valued at $146,000 after purchasing an additional 158 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Powell Industries by 55.1% in the second quarter. Tower Research Capital LLC TRC now owns 549 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 195 shares during the period. Legal & General Group Plc grew its holdings in shares of Powell Industries by 1.8% in the fourth quarter. Legal & General Group Plc now owns 19,266 shares of the industrial products company’s stock valued at $678,000 after purchasing an additional 340 shares during the period. Covestor Ltd grew its holdings in shares of Powell Industries by 121.1% in the third quarter. Covestor Ltd now owns 796 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 436 shares during the period. Finally, UBS Group AG grew its holdings in shares of Powell Industries by 9.9% in the fourth quarter. UBS Group AG now owns 5,422 shares of the industrial products company’s stock valued at $191,000 after purchasing an additional 489 shares during the period. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, major shareholder Thomas W. Powell sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $174.38, for a total transaction of $871,900.00. Following the sale, the insider now directly owns 1,688,628 shares in the company, valued at $294,462,950.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Powell Industries news, major shareholder Thomas W. Powell sold 5,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $174.38, for a total value of $871,900.00. Following the transaction, the insider now directly owns 1,688,628 shares in the company, valued at $294,462,950.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Thomas W. Powell sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $167.46, for a total transaction of $1,674,600.00. Following the completion of the transaction, the insider now owns 1,703,628 shares in the company, valued at $285,289,544.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,000 shares of company stock worth $4,850,830. Company insiders own 2.20% of the company’s stock.

Powell Industries Stock Performance

Shares of POWL opened at $125.39 on Wednesday. The stock has a market capitalization of $1.50 billion, a PE ratio of 19.68, a P/E/G ratio of 1.20 and a beta of 0.79. Powell Industries, Inc. has a 1 year low of $38.91 and a 1 year high of $197.87. The company’s 50-day simple moving average is $149.58 and its 200-day simple moving average is $107.87.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.98. Powell Industries had a net margin of 10.10% and a return on equity of 22.30%. The business had revenue of $194.00 million for the quarter, compared to analysts’ expectations of $182.04 million. During the same quarter in the prior year, the company earned $0.10 earnings per share. The business’s quarterly revenue was up 53.0% on a year-over-year basis. On average, sell-side analysts predict that Powell Industries, Inc. will post 7.54 earnings per share for the current year.

Powell Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, February 14th were paid a dividend of $0.262 per share. The ex-dividend date of this dividend was Tuesday, February 13th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 0.84%. 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.