Allspring Global Investments Holdings LLC Sells 3,681 Shares of Powell Industries, Inc. (NASDAQ:POWL)

Allspring Global Investments Holdings LLC reduced its position in shares of Powell Industries, Inc. (NASDAQ:POWL) by 65.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,980 shares of the industrial products company’s stock after selling 3,681 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Powell Industries were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in POWL. Wellington Management Group LLP bought a new stake in Powell Industries during the third quarter worth $30,038,000. Victory Capital Management Inc. raised its position in Powell Industries by 1,119.3% during the third quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company’s stock worth $21,886,000 after acquiring an additional 90,504 shares in the last quarter. WCM Investment Management LLC bought a new stake in Powell Industries during the fourth quarter worth $14,261,000. Stephens Investment Management Group LLC bought a new stake in Powell Industries during the third quarter worth $13,606,000. Finally, Sanctuary Advisors LLC bought a new stake in Powell Industries during the third quarter worth $12,176,000. 89.77% of the stock is owned by institutional investors.

Powell Industries Trading Down 4.3 %

Powell Industries stock opened at $169.59 on Tuesday. Powell Industries, Inc. has a 12 month low of $122.00 and a 12 month high of $364.98. The stock’s 50 day moving average is $234.61 and its 200-day moving average is $234.98. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 0.98 and a beta of 0.87.

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

Powell Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 19th will be given a $0.2675 dividend. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, February 19th. This represents a $1.07 annualized dividend and a dividend yield of 0.63%. Powell Industries’s dividend payout ratio is presently 8.12%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on POWL. StockNews.com raised shares of Powell Industries from a “hold” rating to a “buy” rating in a research report on Sunday. Roth Capital raised shares of Powell Industries to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Roth Mkm initiated coverage on shares of Powell Industries in a research note on Wednesday, December 11th. They set a “buy” rating and a $312.00 target price for the company.

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.