Allspring Global Investments Holdings LLC Increases Position in Powell Industries, Inc. (NASDAQ:POWL)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 471.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,258 shares of the industrial products company’s stock after acquiring an additional 25,789 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.26% of Powell Industries worth $4,448,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of POWL. AJOVista LLC bought a new position in Powell Industries during the fourth quarter valued at $29,000. Invst LLC purchased a new position in shares of Powell Industries in the fourth quarter worth about $161,000. Private Trust Co. NA purchased a new stake in shares of Powell Industries during the 4th quarter valued at approximately $192,000. Cornerstone Investment Partners LLC purchased a new position in Powell Industries in the 4th quarter valued at approximately $206,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Powell Industries during the third quarter worth $208,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.

Powell Industries Stock Performance

NASDAQ:POWL traded down $0.09 during mid-day trading on Tuesday, reaching $143.34. The stock had a trading volume of 29,907 shares, compared to its average volume of 338,490. Powell Industries, Inc. has a one year low of $57.78 and a one year high of $209.14. The firm has a 50 day moving average price of $165.31 and a two-hundred day moving average price of $138.42. The stock has a market capitalization of $1.72 billion, a P/E ratio of 17.03, a P/E/G ratio of 1.13 and a beta of 0.88.

Powell Industries (NASDAQ:POWL) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.86. The business had revenue of $255.10 million during the quarter, compared to analyst estimates of $201.45 million. Powell Industries had a net margin of 12.05% and a return on equity of 27.93%. The company’s revenue was up 48.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Research analysts forecast that Powell Industries, Inc. will post 9.04 earnings per share for the current year.

Powell Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Wednesday, May 15th were given a $0.265 dividend. This is a boost from Powell Industries’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 0.74%. Powell Industries’s payout ratio is presently 12.59%.

Insider Activity

In related news, Director Katheryn Baucom Curtis sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $165.79, for a total transaction of $828,950.00. Following the completion of the transaction, the director now owns 5,260 shares in the company, valued at $872,055.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Katheryn Baucom Curtis sold 5,000 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $165.79, for a total value of $828,950.00. Following the completion of the transaction, the director now directly owns 5,260 shares of the company’s stock, valued at $872,055.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Thomas W. Powell sold 20,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $205.87, for a total transaction of $4,117,400.00. Following the completion of the sale, the insider now owns 1,668,628 shares of the company’s stock, valued at $343,520,446.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,900 shares of company stock valued at $6,080,681. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Powell Industries from a “hold” rating to a “buy” rating in a research note on Thursday, June 6th.

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.