Corebridge Financial Inc. Cuts Stake in Powell Industries, Inc. (NASDAQ:POWL)

Corebridge Financial Inc. lessened its holdings in Powell Industries, Inc. (NASDAQ:POWL) by 7.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,977 shares of the industrial products company’s stock after selling 388 shares during the quarter. Corebridge Financial Inc.’s holdings in Powell Industries were worth $1,103,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Principal Securities Inc. purchased a new position in shares of Powell Industries in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC increased its stake in Powell Industries by 455.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 161 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 132 shares during the period. Blue Trust Inc. bought a new stake in Powell Industries in the fourth quarter valued at approximately $40,000. SBI Securities Co. Ltd. purchased a new stake in shares of Powell Industries during the fourth quarter valued at approximately $57,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Powell Industries by 90.5% in the fourth quarter. Farther Finance Advisors LLC now owns 381 shares of the industrial products company’s stock worth $85,000 after purchasing an additional 181 shares during the last quarter. 89.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Roth Capital raised shares of Powell Industries to a “strong-buy” rating in a research report on Tuesday, December 10th. Roth Mkm began coverage on Powell Industries in a research note on Wednesday, December 11th. They issued a “buy” rating and a $312.00 target price on the stock. Finally, StockNews.com raised Powell Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, March 11th.

Powell Industries Stock Down 3.2 %

NASDAQ:POWL opened at $164.45 on Friday. The firm’s fifty day simple moving average is $192.23 and its 200 day simple moving average is $235.27. The stock has a market cap of $1.98 billion, a P/E ratio of 12.49, a price-to-earnings-growth ratio of 0.98 and a beta of 0.83. Powell Industries, Inc. has a twelve month low of $122.00 and a twelve month high of $364.98.

Powell Industries (NASDAQ:POWL) last posted its earnings results on Thursday, February 6th. The industrial products company reported $2.86 EPS for the quarter, topping the consensus estimate of $2.83 by $0.03. Powell Industries had a net margin of 15.15% and a return on equity of 35.48%. On average, analysts expect that Powell Industries, Inc. will post 13.71 EPS for the current fiscal year.

Powell Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 19th were issued a dividend of $0.2675 per share. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. The ex-dividend date was Wednesday, February 19th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.65%. Powell Industries’s dividend payout ratio is 8.12%.

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.