State Street Corp Purchases 3,403 Shares of Powell Industries, Inc. (NASDAQ:POWL)

State Street Corp raised its position in Powell Industries, Inc. (NASDAQ:POWL) by 0.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 362,717 shares of the industrial products company’s stock after buying an additional 3,403 shares during the quarter. State Street Corp’s holdings in Powell Industries were worth $80,520,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in Powell Industries in the third quarter valued at about $30,000. Quest Partners LLC acquired a new stake in shares of Powell Industries in the 3rd quarter valued at approximately $35,000. Farther Finance Advisors LLC grew its holdings in shares of Powell Industries by 110.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 105 shares during the last quarter. Covestor Ltd increased its position in Powell Industries by 21.8% during the 3rd quarter. Covestor Ltd now owns 229 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 41 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Powell Industries by 155.3% in the 3rd quarter. UMB Bank n.a. now owns 314 shares of the industrial products company’s stock valued at $70,000 after purchasing an additional 191 shares during the last quarter. 89.77% of the stock is currently owned by institutional investors and hedge funds.

Powell Industries Stock Performance

POWL stock opened at $241.25 on Wednesday. The company has a market capitalization of $2.90 billion, a P/E ratio of 19.63, a PEG ratio of 1.31 and a beta of 0.85. The company has a fifty day moving average price of $277.84 and a 200-day moving average price of $206.30. Powell Industries, Inc. has a 52-week low of $76.29 and a 52-week high of $364.98.

Powell Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 20th will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries’s dividend payout ratio is currently 8.62%.

Insiders Place Their Bets

In related news, major shareholder Thomas W. Powell sold 25,000 shares of Powell Industries stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $213.56, for a total value of $5,339,000.00. Following the transaction, the insider now directly owns 682,265 shares of the company’s stock, valued at $145,704,513.40. The trade was a 3.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 60,000 shares of company stock valued at $14,679,842. 2.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

POWL has been the subject of several research analyst reports. Roth Capital upgraded shares of Powell Industries to a “strong-buy” rating in a report on Tuesday, December 10th. StockNews.com raised Powell Industries from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th. Finally, Roth Mkm started coverage on Powell Industries in a research note on Wednesday, December 11th. They set a “buy” rating and a $312.00 price target on the stock.

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.