Victory Capital Management Inc. Has $21.89 Million Position in Powell Industries, Inc. (NASDAQ:POWL)

Victory Capital Management Inc. grew its stake in Powell Industries, Inc. (NASDAQ:POWL) by 1,119.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,590 shares of the industrial products company’s stock after purchasing an additional 90,504 shares during the period. Victory Capital Management Inc. owned about 0.82% of Powell Industries worth $21,886,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Cumberland Partners Ltd acquired a new stake in Powell Industries during the 3rd quarter worth approximately $555,000. SG Americas Securities LLC acquired a new stake in Powell Industries during the 2nd quarter worth approximately $1,403,000. Quadrature Capital Ltd acquired a new stake in Powell Industries during the 1st quarter worth approximately $1,927,000. Raymond James & Associates boosted its position in Powell Industries by 18.9% during the 3rd quarter. Raymond James & Associates now owns 21,276 shares of the industrial products company’s stock worth $4,723,000 after buying an additional 3,385 shares during the period. Finally, Stephens Investment Management Group LLC acquired a new stake in Powell Industries during the 3rd quarter worth approximately $13,606,000. 89.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Powell Industries from a “hold” rating to a “buy” rating in a research report on Friday.

Powell Industries Stock Performance

Powell Industries stock opened at $289.01 on Tuesday. Powell Industries, Inc. has a 52-week low of $75.05 and a 52-week high of $364.98. The firm has a 50 day moving average price of $250.62 and a two-hundred day moving average price of $192.46. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 1.60 and a beta of 0.86.

Powell Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.265 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.06 annualized dividend and a yield of 0.37%. Powell Industries’s payout ratio is 9.92%.

Insiders Place Their Bets

In other Powell Industries news, Director James W. Mcgill sold 6,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $185.84, for a total transaction of $1,226,544.00. Following the completion of the transaction, the director now owns 9,660 shares in the company, valued at approximately $1,795,214.40. This trade represents a 40.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Thomas W. Powell sold 5,000 shares of Powell Industries stock in a transaction on Friday, November 8th. The shares were sold at an average price of $347.74, for a total transaction of $1,738,700.00. Following the completion of the sale, the insider now owns 677,265 shares of the company’s stock, valued at $235,512,131.10. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,600 shares of company stock worth $15,906,386. 2.20% of the stock is currently owned by insiders.

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.