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

State Street Corp raised its stake in Powell Industries, Inc. (NASDAQ:POWL) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 362,717 shares of the industrial products company’s stock after purchasing an additional 3,403 shares during the quarter. State Street Corp owned approximately 3.03% of Powell Industries worth $80,520,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Hollencrest Capital Management bought a new stake in shares of Powell Industries in the 3rd quarter valued at about $30,000. Quest Partners LLC acquired a new position in Powell Industries during the third quarter worth approximately $35,000. Farther Finance Advisors LLC raised its stake in Powell Industries by 110.5% in the third quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company’s stock valued at $44,000 after buying an additional 105 shares during the period. Picton Mahoney Asset Management acquired a new stake in shares of Powell Industries in the second quarter valued at approximately $47,000. Finally, Quarry LP bought a new position in shares of Powell Industries during the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds own 89.77% of the company’s stock.

Insider Activity at Powell Industries

In other news, major shareholder Thomas W. Powell sold 5,000 shares of Powell Industries stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $347.74, for a total value of $1,738,700.00. Following the completion of the sale, the insider now directly owns 677,265 shares in the company, valued at approximately $235,512,131.10. The trade was a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 60,000 shares of company stock worth $14,679,842. Corporate insiders own 2.20% of the company’s stock.

Powell Industries Price Performance

POWL opened at $241.25 on Wednesday. The business has a fifty day simple moving average of $277.84 and a 200 day simple moving average of $206.30. Powell Industries, Inc. has a 1 year low of $76.29 and a 1 year high of $364.98. The company has a market capitalization of $2.90 billion, a PE ratio of 19.63, a price-to-earnings-growth ratio of 1.31 and a beta of 0.85.

Powell Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Powell Industries Company 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.