The Manufacturers Life Insurance Company Lowers Stock Position in Powell Industries, Inc. (NASDAQ:POWL)

The Manufacturers Life Insurance Company decreased its position in Powell Industries, Inc. (NASDAQ:POWL) by 4.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,049 shares of the industrial products company’s stock after selling 245 shares during the period. The Manufacturers Life Insurance Company’s holdings in Powell Industries were worth $1,121,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of POWL. American Century Companies Inc. raised its stake in Powell Industries by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 274,388 shares of the industrial products company’s stock valued at $39,347,000 after purchasing an additional 35,818 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Powell Industries by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 99,517 shares of the industrial products company’s stock valued at $14,271,000 after purchasing an additional 1,015 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Powell Industries by 1,119.3% in the third quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company’s stock valued at $21,886,000 after purchasing an additional 90,504 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Powell Industries by 12.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 93,845 shares of the industrial products company’s stock worth $20,833,000 after buying an additional 10,352 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in Powell Industries in the 2nd quarter valued at $11,658,000. Institutional investors and hedge funds own 89.77% of the company’s stock.

Insider Activity

In other Powell Industries news, major shareholder Thomas W. Powell sold 10,000 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $246.14, for a total value of $2,461,400.00. Following the sale, the insider now owns 1,658,328 shares of the company’s stock, valued at $408,180,853.92. This trade represents a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 60,000 shares of company stock valued at $14,679,842. 2.20% of the stock is currently owned by company insiders.

Powell Industries Stock Performance

Powell Industries stock opened at $269.97 on Thursday. The company’s 50 day simple moving average is $277.28 and its 200-day simple moving average is $204.83. Powell Industries, Inc. has a 1 year low of $76.29 and a 1 year high of $364.98. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 1.42 and a beta of 0.85.

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.265 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.06 annualized dividend and a dividend yield of 0.39%. Powell Industries’s dividend payout ratio is presently 8.62%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on POWL shares. StockNews.com upgraded Powell Industries from a “hold” rating to a “buy” rating in a report on Tuesday. Roth Mkm began coverage on shares of Powell Industries in a report on Wednesday. They issued a “buy” rating and a $312.00 target price on the 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.