Jennison Associates LLC Purchases New Position in Powell Industries, Inc. (NASDAQ:POWL)

Jennison Associates LLC acquired a new position in shares of Powell Industries, Inc. (NASDAQ:POWL) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,079 shares of the industrial products company’s stock, valued at approximately $684,000.

Other large investors have also recently added to or reduced their stakes in the company. Cumberland Partners Ltd acquired a new position in shares of Powell Industries in the 3rd quarter worth approximately $555,000. SG Americas Securities LLC acquired a new position in Powell Industries in the second quarter worth $1,403,000. Victory Capital Management Inc. boosted its stake in Powell Industries by 1,119.3% in the third quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company’s stock worth $21,886,000 after purchasing an additional 90,504 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Powell Industries by 5.7% during the third quarter. Principal Financial Group Inc. now owns 51,507 shares of the industrial products company’s stock worth $11,434,000 after purchasing an additional 2,793 shares during the last quarter. Finally, Raymond James & Associates increased its stake in shares of Powell Industries by 18.9% in the third quarter. Raymond James & Associates now owns 21,276 shares of the industrial products company’s stock valued at $4,723,000 after buying an additional 3,385 shares in the last quarter. 89.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Powell Industries Price Performance

POWL opened at $289.88 on Friday. The stock has a market capitalization of $3.48 billion, a P/E ratio of 23.59, a price-to-earnings-growth ratio of 1.65 and a beta of 0.86. The company’s 50 day simple moving average is $260.58 and its 200-day simple moving average is $195.82. Powell Industries, Inc. has a one year low of $75.05 and a one year high of $364.98.

Powell Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 20th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.06 annualized dividend and a dividend yield of 0.37%. Powell Industries’s dividend payout ratio (DPR) is currently 8.62%.

Insider Transactions at Powell Industries

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 value of $1,226,544.00. Following the transaction, the director now directly owns 9,660 shares of the company’s stock, valued at approximately $1,795,214.40. This trade represents a 40.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Thomas W. Powell sold 5,000 shares of the company’s 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 sale, the insider now owns 677,265 shares of the company’s stock, valued at $235,512,131.10. The trade was a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,600 shares of company stock worth $15,906,386 over the last 90 days. 2.20% of the stock is 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.